Orchard Street sells Snipe Retail Park
The 242,000 sq ft Tameside retail centre has been bought by CBRE Investment Management for £62m.
Savills completed the disposal on behalf of Orchard Street Investment Management, with Xprop representing CBRE IM.
Located five miles east of Manchester city centre next to the M60, Snipe is anchored by B&Q. Other retailers at the park include Currys PC World, Dreams, Dunelm, Halfords, Pets at Home, McDonald’s, Topps Tiles and Wren Kitchens & Bathrooms.
The deal completed just before Christmas.
James Hurst, director in Savills’ investment team, said: “2024 has proved to be a resurgent year in the retail warehouse investment market with strong trade, low vacancy and rental growth driving investment volumes in excess of £3bn, for only the third time in the last decade.
“With such a robust occupational platform, we see this trend continuing into next year and beyond.”
Retail parks were a busy market segment in 2024, with heavyweights such as British Land, which sold its 50% stake in Meadowhall last year, focusing on the sector.
The Snipe sale marked Savills’ 50th retail park traded in 2024, the firm having been involved with more than £1.6bn of transactions.
Orchard Street held Snipe Retail Park for just shy of a decade, paying LaSalle Investment Management £61.8m for the Ashton-under-Lyne asset in August 2015.
