Lothbury Investment Management, acting on behalf of Lothbury Property Trust, has sold Congleton Retail Park in Cheshire to Middlesbrough Council’s Teesside Pension Fund, c/o CBRE Capital Advisors, for €17.6m (£15.09m), representing a yield of 6.46%. The retail park, which was originally developed in 2004, enjoys close proximity to Congleton town centre and comprises 10 units let to B&M, Boots, Marks & Spencer, Laura Ashley, Shoe Zone, Bensons, Carphone Warehouse, Jollyes Pets, Halfords and Topps Tiles. The units cover a total of 64,800ft² and generate an annual rental income in excess of €1.17m (£1m). Tenants’ average weighted term is under three and a half years.
Ed Hockley, Fund Manager and Director of Lothbury Investment Management, said: “Congleton Retail Park has given the fund good rental growth since its purchase in 2014 and created some opportunities for asset management initiatives. However, with the retail environment undergoing considerable pressures, our policy is to selectively divest in the sector and de-risk our exposure.”
