FPG UK has acquired the 75,000 sq ft retail park from Glenbrook Investments at a figure slightly ahead of the £12.5 million / 7.1% asking price.
The property, located fronting the busy Newcastle Road in Newcastle Under Lyme, is a prominent discount led retail park comprising five units and two drive thrus let to McDonald’s and Greggs. The other tenants on the retail park include anchor tenant, B&M, as well as the original UK Food Warehouse store, Pets at Home, Salvation Army and Halfords.
Altaf Bharde of FPG UK LTD commented: “Springfields Retail Park is a prime retail destination located in Newcastle-under-Lyme. This acquisition marks another significant step in strengthening our portfolio, and we are excited about the opportunities it presents. We look forward to working closely with our tenants to enhance the retail offering at this well-positioned scheme”
Scott Griffiths of Glenbrook Investments added: ‘We identified the retail warehouse sector as being a highly countercyclical investment in 2021, culminating in the acquisition of several retail parks including Springfields, which we have repositioned over the hold period. Having extended units, regeared leases, let the voids, added the new Greggs drive thru and modernised the dated shop fronts, the business plan was complete, and we are delighted to have sold to such a high quality buyer in order to reinvest in new opportunities.”
Ian Whittaker at Watling Real Estate in Manchester, who advised FPG added: “Springfields Retail Park is a fantastic fully income producing asset, with an extremely strong and robust tenant line up. The park is well positioned, prominently situated on the A34 adjacent to large Tesco and Aldi stores and serves a populous catchment in the surrounding area. The scheme is dominant in its catchment with low, very affordable rents for the retailers offering future reversion and asset management initiatives to add further value.”
Santander supported its existing client FPG (UK) LTD.
Watling Real Estate, Skyscape Property Management and Harold Benjamin acted for FPG UK whilst Savills Investment Team in Manchester and Brabners Liverpool represented Glenbrook Investments.
ENDS