Wirral retail asset hits the market

Junction One Retail Park, offering 191,000 sq ft adjacent to the M53, is up for grabs with a price tag of £50.7m.

Derwent Estates on behalf of the Albert Gubay Charitable Foundation is looking to sell the centre, which comprises 10 retail units and a drive-thru, and is fully let.

Agent Staunton Whiteman has been instructed on the sale.

Staunton Whiteman described the park, close to Bidston, as “an example of what the very best prime modern retail park should be” adding that the recent letting of a former Carpetright unit to Superdrug at a headline rent of £26 per sq ft shows the site’s continuing appeal.

The tenant line-up is strong, with M&S Foodhall, Aldi, B&Q, Pets at Home, Pure Gym, Home Bargains, Halfords, Poundland, Tapi and McDonald’s all present. B&Q accounts for 102,000 sq ft of the asset’s floorspace.

The vendor is seeking offers in excess of £50.7m, a sale at which price would reflect an initial yield of 6%.

Junction One has a flexible consent in place, including food. Staunton Whiteman said that there is scope to add pods to the car park. There are 963 parking spaces. The park was developed in the 1990s, with the most notable recent change being the drive-thru’s addition.

According to the sale particulars, the average unexpired lease term is 6.5 years with a break at 5.8 years at the centre, which sits arounds a mile from both Wallasey and Birkenhead town centres. East of the site is the Bidston Moss nature reserve.