Teesside Pension Fund Purchase in Congleton

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.