£10.5m price tag for established retail and business destination

A retail and business park in Guisborough, North Yorkshire, which is home to household names and local businesses is up for sale.

Cleveland Gate Retail and Business Park features almost 40,000 sq ft of retail space and 25,000 sq ft of business space, as well as parking for nearly 200 cars.

The site was developed by Ryedale Estates and is being marketed jointly by commercial property agents, Leeds based Dacres Commercial and Stokesley based Jackson & Partners.

The retail park opened in 2017 and tenants now include an M&S Foodhall, B&M, Frank’s Flooring, Domino’s Pizza and Hollyhocks Café, all served by a 186-space car park.

To the rear of the retail park there are 11 hybrid and light industrial units with tenants including TNT Fitness, Vet Partners, Guisborough Brewery, Finn’s Bakery and specialist dental practice, Riverdale.

The selling agents have been instructed to seek offers of more than £10.5m. However, the site could also be split, with the option to sell the retail park for £7.5m and the industrial estate for £3m.

Hedley Steel, from Dacres Commercial, said: “This is a modern and high-quality investment opportunity in a sought-after and growing commuter town that enjoys buoyant regional occupational and consumer demand, prompting sustained rental growth.

“Tenants include national, regional and local occupiers and other major retailers nearby include the likes of Sainsbury’s, Boots, Aldi, Iceland and Lidl.”

David Jackson, from Jackson & Partners, added: “This is a rare opportunity to acquire one of the region’s most successful retail and business destinations.

“The development has seen continued growth and high levels of consumer demand due in part to Guisborough’s rapid expansion and extensive catchment.

“We are experiencing strong interest from a wide range of investors and hope to conclude matters in the next few months.”

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