Advisor Avison Young has completed the sale of Gallagher Retail Park in Huddersfield to FPG on behalf of Administrators at Deloitte.
The popular destination, located off Wakefield Road, is fully let and home to well-known brands including M&S, McDonald’s, Aldi and Home Bargains. Permitted occupiers have remained open to serve the local community over the course of the COVID-19 outbreak.
Avison Young’s Restructuring Solutions and the Retail Warehouse Investment Teams worked closely with Adrian Berry and Michael Magnay, the Joint Administrators of Marcus Worthington Properties Limited, in handling the management of the Park whilst working towards the recently announced sale.
Ellie Kirkby, Principal in the Retail Investment Team at Avison Young said:-
“The sale during COVID-19 demonstrates the resilience of the scheme with the tenants all paying their rent and remaining open throughout lockdown. The sale of this asset at over 25bps ahead of our quoting price, despite the COVID-19 uncertainty, demonstrates demand for resilient retail park assets.”
This is the first retail park asset to go under offer and complete during the COVID-19 period. The final price was £10.625 million reflecting 6.99% NIY.
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