Portrack Retail Park traded for £6.35m
UK Land Investments has sold the fully let Stockton-on-Tees estate, which comprises six warehouse and trade counter properties totalling 65,000 sq ft.
The buyer is an overseas family office. UKLI put the asset up for sale in June with a price tag of £6.7m. Agents Knight Frank and JLL brokered the sale.
Occupiers at the location include One Gym, Michael O’Connor Furniture, Howdens, United Carpets and Tile Mountain.
Gross rental income across the location is £505,950 per year, reflecting an average of £8 per sq ft. Knight Frank has also retained the property management contract for the retail park, following the sale.
Dickon Wood, partner at Knight Frank said: “The investment market is increasingly difficult due to inflationary pressures and increasing base rates but this disposal of Portrack Retail Park demonstrates there are still some excellent opportunities and active investors in the market.”
David Gibbs, commercial director at UK Land Investments, said: “UK Land Investments has invested heavily in Portrack Retail Park and has been hugely successful in securing lettings to a strong line up of tenants from the trade, retail and leisure sectors, creating a highly secure and diverse investment.”