Accrington retail park sold for £2.8m
Glenbrook Investments has acquired the five acre Eastgate Retail Park in Accrington for £2.8m.
The town centre site comprises 35,434 sq ft of retail space which is occupied by Home Bargains, Pets at Home and The Food Warehouse.
The land also comes with previous consent for an additional unit of approximately 16,000 sq ft.
Chris Lloyd, investment director at Glenbrook, said: "We are thrilled to have completed this purchase. Despite the negative rhetoric around retail in general, retail warehousing has positive metrics and some very resilient tenants that have continued to trade well throughout lockdown."
Cheetham & Mortimer advised Glenbrook.
Robert Millington at Cheetham & Mortimer added: “With a passing rental of £382,710 per annum, this asset generates an attractive income return whilst presenting numerous opportunities to add value in the future. Schemes of this size and nature have become increasingly dominant within the local shopping hierarchy and we expect this trend to continue."