The Snipe Retail Park, based in Ashton-under-Lyne, is now owned by St James’s Place, after Orchard Street Investment Management bought it on behalf of the organisation.
Measuring 242,000 square feet, this retail park was previously run by LaSalle Investment Management, and has a number of major national businesses based within it – including Carphone Warehouse, Next and B & Q.
On average these companies have leases of 6.2 years for the park and the sale price reflects a 6.7% initial net yield.
The manager of investment transactions for Orchard Street, Tom Chadwick, stated that the retail park would prove to be a superb addition to the existing portfolio of the company, adding:
“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.”
As with other retail facilities based within the town, those shops in the Snipe Retail Park can rely on the assistance of flyer printing in Ashton-under-Lyne to supply them with materials needed to advertise their services.
Real estate specialists Savills acted as the advisor for Orchard Street during the process, with Wilkinson Williams advising LaSalle.