Wilkinson Williams advised The Crown Estate in the sale of their interest in the Altrincham Retail Park, Altrincham, Manchester. The property was acquired by clients of Orchard Street Investment Management.
The property comprises a modern retail park destination extending to approximately 220,000 sq ft. Occupiers include Homebase, Currys PC World, Argos, Sports Direct, Pets At Home, Hobbycraft, The Range, Boots, Mothercare, B&M, McDonald’s, Carpetright, TK Maxx and Pizza Hut. The scheme is let off an average of £21.31 per sq ft and has a weighted unexpired average lease term of approximately 5.25 years.
The purchase price was £63.05 million, which reflects a net initial yield of 6.95%.
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