Pension fund buys Denton retail site for £780,000

A freehold retail investment in Denton town centre has been sold by S H Denton to a private pension fund for £780,000.

The newly completed retail development at 47 Stockport Road comprises four units totalling 5,500 sq ft with communal car parking.

Three of the units are let, to Vets 4 Pets, Barnardos and Subway, producing an income of £83,500 a year, representing a net initial yield of 8.25%.

Ben Fallows of commercial agent TFC, who acted for the vendor, said: "The development's prominent position fronting Stockport Road at the entrance to Morrisons superstore attracted a lively interest from a number of investors and the sale was agreed quickly."

Steam Rock Capital represented the purchaser.