Orchard Street targets Snipe retail park
Published: 24 July, 2015
Orchard Street buys Manchester retail park from LaSalle for £61m
Orchard Street Investment Management has bought Snipe retail park in Manchester in an off-market transaction for £61.8m reflecting a net initial yield of 6.7 per cent. The asset was acquired on behalf of St James’s Place from LaSalle Investment Management.
Snipe retail park is a dominant retail park in Manchester, sitting five miles east of the city centre in Ashton-under-Lyne, adjacent to Manchester's orbital motorway. The 242,000-sq ft scheme is occupied by 15 national retailers, including operators such as B&Q, Next and Dixons Carphone, with a WAULT of 6.2 years.
Tom Chadwick, investment transactions manager at Orchard Street, said: “Snipe retail park is an excellent addition to our portfolio. It benefits from a diverse range of committed tenants attracting a high level of footfall. In addition to the strong income yield we plan to execute a number of asset management strategies to enhance future growth.”
Orchard Street was advised by Savills. LaSalle Investment Management was advised by Wilkinson Williams.