LaSalle offloads Snipe Retail Park

LaSalle Investment Management has sold Snipe Retail Park in Ashton-under-Lyne in an off-market deal to Orchard Street for £61.8m.

The sale represents a net initial yield of 6.7%.

The 242,000 sq ft park is occupied by 15 retailers, including B&Q, Next, Argos, Currys and Dunelm.

The retailers have an average unexpired lease length of 6.2 years.

Tom Chadwick, investment transactions manager at Orchard Street, said: “Snipe Retail Park is an excellent addition to our portfolio. It benefits from a diverse range of committed tenants attracting a high level of footfall.

“In addition to the strong income yield, we plan to execute a number of asset management strategies to enhance future growth.”

Orchard Street was advised by Savills.

LaSalle Investment Management was represented by Wilkinson Williams.

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