Marina Quay In Rhyl, Scarborough Development Group, P Scarborough Development Group
Aldi is the anchor tenant at Marina Quay. Credit: via Scarborough Development Group

Isle of Man investor buys Rhyl shopping park for £17m 

Dan Whelan

First World Hybrid Real Estate has made its first retail acquisition, buying Marina Quay Retail Park from Scarborough Development Group. 

The £17m deal represents a net initial yield of 6.25%. Marina Quay generates annual rent of £1.1m. 

The 12-acre North Wales shopping centre, which boasts Aldi as its anchor tenant, has 102,000 sq ft of retail space. 

Aldi occupies 18,651 sq ft of the park and other tenants include The Range, B&M, Farmfoods, Greggs and Costa. 

FWHRE’s portfolio consists of 23 properties spread throughout the UK, the majority of which are logistics and warehouse assets. 

A spokesperson from FWHRE said: “While Marina Quay is the fund’s first investment in a retail park, there are another four solus retail warehouses in the portfolio that have very similar trading and operating characteristics to the tenants in the park. 

“We are extremely confident that this investment will add to the quality and performance of the fund for the benefit of its shareholders.” 

Elsewhere in the North West, the investor owns a 90,000 sq ft shed at Deeside Office Park let to Great Bear Distribution, and a 52,000 sq ft unit in Runcorn occupied by Matthew Clark Bibendum. 

Redpath Bruce is the property manager for Marina Quay and Velway  is the facilities manager. 

The retail park, developed by Scarborough and completed in 2017, was marketed by Allsop and Knight Frank. 

 

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