Avison Young Retail have secured the successful sale of Waterloo Square Retail Park, South Shields for Royal London Asset Management (RLAM).
Waterloo Square Retail Park fronts onto Coronation Street between ASDA and the King Street prime retail area, close to the new bus and Metro interchange, to the rear 0f the site.
The 40,925sq ft park comprises a single retail terrace of 3 units (ranging from 6,925sq. to 24,500sq ft) which is fully let to B+M, Next and River Island. All three retailers have recently signed new occupational leases.
The 2.32 acre (0.94 Ha). site is held on a 200 year long lease from South Tyneside Council at an annual peppercorn rent. The property was acquired by M7 Real Estate Ltd. for £4.1m reflecting a net initial yield of 7.99%.
Miles Marten, Principal and MD, Avison Young Retail UK, commented. “Following the demise of Debenhams, it has been good to secure B&M with a large store to serve South Shields. Avison Young are pleased to have sold the long leasehold interest to a new institutional investor.”
Simon Beanland, Principal, Investment, Avison Young, Newcastle adds. “Interest from a large pool of buyers resulted in two rounds of competitive bidding, in a sector which has made a strong comeback, resulting in pricing far exceeding our original quoting level.”
JLL UK Retail acted for the purchaser