Springfields Retail Park acquired for £8m

Springfields Retail Park acquired for £8m

Glenbrook Investments has completed the acquisition of Springfields Retail Park in Newcastle-under-Lyme in an off-market transaction for £8m.

The 70,000 sq ft scheme is home to tenants B&M, Food Warehouse, Pets at Home, Halfords and McDonald’s, with one vacant unit of 10,000 sq ft being marketed by Petch & Co.

The scheme provides a weighted average unexpired lease term of just under seven years with a passing rent of £750,000 per annum, providing a low average rent of £12.50 per sq ft.

The deal follows on from the £4.9m acquisition of St Mary’s Gate Retail Park in Rochdale and Units 1 and 2 at Mariner’s Way in Preston from Threadneedle’s UK Property Authorised Investment Fund in March.

Scott Griffiths, investment manager at Glenbrook, said: “Springfields Retail Park benefits from both prominence and convenience, with a complementary line-up of successful retailers perfectly aligned to the needs of its catchment.

“Amongst other attractive features, the scheme offers a low average rent providing affordability, downside protection and a solid platform from which to grow rents as the market recovers.”

The near seven-acre site has an unimplemented planning consent for a new drive-thru restaurant, which is now also being marketed by Petch & Co.

Griffiths added: “We have a clear asset management strategy, and we will now be implementing this to improve the performance of the scheme for the benefit of shoppers and the tenants, with a view to maximising the scheme’s potential.”

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Petch & Co, Black Cat, Delta Simons and Brabners acted for Glenbrook Investments.

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