Orchard Street snaps up £62m retail park

AN east Manchester retail park has changed hands for nearly £62m,

Snipe Retail Park in Ashton-under-Lyne has been bought by commercial property investment manager Orchard Street on behalf of St James’s Place from LaSalle Investment Management.

The deal took place off-market for £61.8m, reflecting a new initial yield of 6.7%.

Snipe Retail Park is 242,000 sq ft scheme occupied by 15 national retailers, including operators such as Argos, Home Bargains, B&Q, Next and Dixons Carphone, with a WAULT (weighted average unexpired lease term) of 6.2 years.

Tom Chadwick, investment transactions manager at London-based Orchard Street, said: “Snipe Retail Park is an excellent addition to our portfolio. It benefits from a diverse range of committed tenants attracting a high level of footfall.

“In addition to the strong income yield we plan to execute a number of asset management strategies to enhance future growth.”

Orchard Street was advised by Savills. LaSalle Investment Management was advised by Wilkinson Williams.