- Retail park home to M&S and Next attracts strong investment interest
Commercial Development Projects and Rothstone Estates, have sold St Michael’s Retail Park in Ripon, North Yorkshire, to State Street Investment Management for £8.3 million
The 24,400 sq ft retail park, located on Rotary Way near the A61 Ripon bypass, is fully let at £20 per sq ft, with 14 years remaining on the lease, and key occupiers include Marks & Spencer and Next, along with an EV charging operator.
The vendors, were advised by Knight Frank and Lamb and Swift. TW Keil acted on behalf of the buyer.
Richard Brooke, investment partner at Knight Frank in Leeds, commented: “This important deal underlines the attraction of well-located developments with stellar occupiers. The yield on the deal is 5.62 per cent, which is a reflection of the strategic importance and secure future of St Michael’s. Although the state of the commercial property sector in the UK remains challenging, there are definitely deals to be done, when the right price, the right location and the right occupiers align.”
Mark Rothery, managing director of Rothstone, added: “We are very proud of this fabulous scheme, which has proved to be a significant boost to the economy of the very special city of Ripon. Both M&S and Next are exceptional retail occupiers and have been a pleasure to deal with. Without them, we would not have had a scheme.”