Tatton Estate buys Stockport retail listed for £3.2m

The Great Portwood Street home to Dreams and B&M has changed hands, with the Cheshire company picking up the 18,500 sq ft complex for an undisclosed price.

Rosebury Real Estate had been marketing the property since February with a guide price of £3.2m.

Tatton Estate were unable to disclose how much it had acquired the property for. If it had purchased the retail warehouse for the guide price, the deal would have represented a net initial yield of 8%.

Savills and Mills & Reeve acted on Tatton Estate’s behalf on the deal.

The Stockport shopping complex was built in the 1990s and brings in more than £270,000 in rent a year. ARG Pensions, the trustees behind AGA Rangemaster Group Pension Scheme, is listed as the last freehold owner of the site, according to HM Land Registry data.

The acquisition sees Tatton Estate grow its commercial portfolio. Combined with its residential assets, the estate now has more than 300 properties in its portfolio and manages 5,500 acres.

“Commercial property has always been an important part of the Tatton Estate and acquisitions like Great Portwood Street are part of our long-term investment strategy,” said Pete Crowther, Tatton Estate’s chief executive.

“By continuing to build a strong and resilient portfolio, we’re creating the financial strength that enables us to invest across the estate, supporting our villages, heritage buildings, farming businesses, environmental projects, and the communities we serve.”