Mount Street retail park, Wrexham and Saltney retail park, Chester sold for £12.3m
NewRiver has sold the two parks to M7 Real Estate. The price achieved is ahead of March and September 2018 valuations, and represents a blended net initial yield of 7.6% and a blended unlevered IRR of 14.7% over their period of ownership.
Mount Street retail park is a 55,300-sq ft retail park anchored by Matalan with 213 car parking spaces. Since its acquisition by NewRiver in June 2014, the asset has generated an unlevered IRR of 11.1%. Saltney retail park is a 48,200-sq ft retail warehouse let to Go Outdoors with 380 car parking spaces. Since its acquisition by NewRiver in July 2015, the asset has generated an unlevered IRR of 22.2%.
Director Charles Spooner said: “These latest sales, provide further evidence of the liquid market for conveniently-located retail assets with a small lot size.”