Acting on instruction from Ropemaker Properties, in a joint venture arrangement with Marcus Worthington Properties, we are delighted to announce the sale of Phase 2 New Hall Hey Retail Park to Kames Property Income Fund.
Cheetham & Mortimer negotiated the purchase of the land from West Register in January 2016. At the time, the site had planning permission for a leisure scheme. Worthingtons immediately set about getting the planning use changed to Retail use. This enabled us, with our joint agent Lamb & Swift, to arrange lettings to Aldi, Home Bargains, Costa, Domino’s and Card Factory. Worthingtons, acting as contractor, completed the 38,400 sq ft five unit scheme in September this year. The investment will generate a total income of £577,500 per annum. The sale price of £9,220,000 reflects a net return of 5.85%
Robert Millington, investment partner, commented “It has been very satisfying being part of the team that has helped to deliver this investment from inception through to completion. Our skill base is ideally suited to this type of project. Kames were the natural buyer for this investment. Having acquired phase 1- a former Homebase that had been subdivided and let to M&S, TKMaxx and Pets at Home – this consolidates their ownership in a modern retail asset that is strategically located on the road network and able to accommodate the ongoing shift towards convenience shopping”.