UK Commercial Property REIT has confirmed it purchased the 143,000 sq ft retail park, which delivers an estimated annual income of £2.5m per year. Place North West first reported on the deal earlier this month.
Stockford Anderson represented UKCM on the deal, while Peel L&P was unrepresented.
Trafford Retail Park sits on Barton Road in Urmston near the Trafford Centre. The retail park was built in 1999 on approximately 12 acres. There are 14 units at the site, which range in size from 2,000 sq ft to 35,000 sq ft. All those units are currently taken, with Dunelm, B&M, TK Maxx, Home Bargains, Nando’s and Five Guys being among the list of current tenants.
UKCM estimates that the average rent is £17.17/sq ft across all units.
“This deal presents us with an opportunity to strengthen our portfolio and enhance income through the acquisition of a well-located retail park with a high-quality tenant base and impressive footfall in one of the UK’s premier shopping and leisure destinations,” said UKCM fund manager Kerri Hunter.
“While some parts of the retail sector have struggled in recent years, Trafford Retail Park is primarily let to discount focused and convenience led retailers, which have proven resilient and continue to perform well,” Hunter continued. “As a diversified REIT, we benefit from the ability to look for assets across a range of sectors that offer accretive returns, enabling us to deliver value and income to our investors.”
UKCM is managed and advised by Aberdeen Standard Investments. It owns a variety of income-producing commercial properties within the UK, including the Junction 27 Retail Park in Birstall, Kew Retail Park in Richmond and St George’s Retail Park in Leicester.