Teesside Pension Fund Purchase in Congleton
Congleton Retail Park, the only retail park in Congleton, was purchased by Teesside Pension Fund (advised by CBRE Capital Advisors Limited) for £15.09 million reflecting 6.50% net initial yield.
The scheme totals approximately 65,000 sq ft across 10 units let to M&S Simply Food, B&M, Halfords, Laura Ashley, Shoe Zone, Boots, Jollyes, Bensons for Beds, Topps Tiles and Carphone Warehouse with passing rents of between £14 and £20 per sq ft. The overall WAULT is over 3.5 years with no breaks and a number of tenants are looking to regear or upsize. The park has a full open A1, including food, planning consent. ESH advised Teesside Pension Fund on the purchase.