Local retail park sold for £61.8m

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Snipe Retail park Ashton-Under-lyne, home to a host of household names, has been sold for £61.8m.
 
It has been bought by Orchard Street Investment Management on behalf of St James's Place and was sold by LaSalle Investment Management.
 
The 242,000 sq ft Retail park is occupied by 15 national retailers, including B&Q, Next and Dixons Carphone, with a WAULT of 6.2 years.
 
Tom Chadwick, the investment transactions manager at Orchard Street, said: “Snipe Retail Park is an excellent addition to our portfolio.
 
"It benefits from a diverse range of committed tenants attracting a high level of footfall. In addition to the strong income yield we plan to execute a number of asset management strategies to enhance future growth.”
 
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