Guisborough asset offered for £10.5m
Cleveland Gate Retail & Business Park, developed by Ryedale Estates and opened in 2017, has been made available, with 40,000 sq ft of retail and 25,000 sq ft of industrial space up for grabs.
The estate also offers parking for nearly 200 cars, just a few minutes from Guisborough town centre.
Dacres Commercial and Stokesley-based Jackson & Partners are engaged as joint agents.
The retail park, sitting within the Redcar & Cleveland local authority area, opened in 2017 and tenants now include an M&S Foodhall, B&M, Frank’s Flooring, Domino’s Pizza and Hollyhocks Café, all served by a 186-space car park.
To the rear of the retail park there are 11 hybrid and light industrial units with tenants including TNT Fitness, Vet Partners, Guisborough Brewery, Finn’s Bakery and specialist dental practice, Riverdale.
The whole site generates a headline rent of more than £820,000 per year and the selling agents are instructed to seek offers in excess of £10.5m.
The site could also be split, with the option to sell the retail park for £7.5m and the industrial estate for £3m.
Hedley Steel of Dacres Commercial, said: “This is a modern and high-quality investment opportunity in a sought-after and growing commuter town that enjoys buoyant regional occupational and consumer demand, prompting sustained rental growth.”
Dacres said that VNPR data shows that between 2019 and 2023, vehicle movements increased by 23.26% in the area, with the average number of monthly vehicle movements standing at 51,335 in 2023.
David Jackson, from Jackson & Partners, added: “This is a rare opportunity to acquire one of the region’s most successful retail and business destinations.”
Ryedale said that plans are already well advanced for the company’s next project in the area, which will provide additional employment and leisure opportunities in the town centre. The proposed business centre will provide flexible space for office, retail, leisure, and medical occupiers.
