Portrack retail park is at the far end of the well-known Portrack Lane in Stockton and has some big names – including Howdens and OneGym and neighbours including The Range and Asda.
The site is being sold by UK Land Investments, with Knight Frank and JLL as joint agents.
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David Gibbs of UK Land Investments said: “UK Land Estates has invested heavily in Portrack Retail Park and have 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”.
Dickon Wood, Partner at Knight Frank added: “Portrack Retail Park provides an excellent opportunity to acquire a highly prominent retail warehouse and trade counter investment secured to a leading tenant line up, underpinned by a strong occupational market.”
Stockton is regarded by investors as a key commercial centre with 1.12m people living within a 30-minute drive time.
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Fully let, the park extends extending to 65,235 sq ft across six units, with 272 car parking spaces. A strong trade counter convenience led tenant line up including Howdens, United Carpets and Tile Mountain have all recently signed new leases with rents passing £505,950 per annum.
The new owner – and there has been substantial interest from investors, would give a net initial yield of seven per cent and a capital value of £103.86 per square foot.
