The 73,000 sq ft Hattersley Centre on Burscough Road in Ormskirk has been sold by joint venture Pendle Bracken to an unnamed off-shore investor for £10m, at a net initial yield of 7%.
Pendle Bracken is a JV between Nelson-based Barnfield Construction and Bracken of Leeds.
The Hattersley Centre is a popular retail warehouse and trade counter development home to Halfords, Tile Giant, Plumb Base, Jewsons and Howdens Joinery. There is only one vacant unit.
Pendle Bracken completed the development in 2008 and recently submitted a joint planning application with Asda for a food store on part of the site which, despite initial officer recommendation, was unsuccessful.
Dan Crossley, partner at WHR, advising Pendle Bracken, said: "After the planning application with Asda was unsuccessful the asset no longer fitted Pendle Bracken's long term investment strategy. WHR identified a purchaser for the centre who was seeking longer term asset management angles and the Hattersley Centre suited his requirements on several levels. We successfully negotiated the deal off-market and the timing suited Pendle Bracken perfectly as, after four years of ownership, they were keen to explore other investment opportunities."