Orchard Street Investment Management, the specialist commercial property investment manager, has completed the acquisition of Snipe Retail Park in Manchester in an off-market transaction for £61.8 mln (approx. €87.4 mln) reflecting a net initial yield of 6.7%. 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 ft² (approx. 22,500 m²) scheme is occupied by 15 national retailers, including operators such as B&Q, Next and Dixons Carphone, with a WAULT of 6.2 years.
Orchard Street was advised by Savills. LaSalle Investment Management was advised by Wilkinson Williams.
Source: Orchard Street