Orchard Street acquires Manchester retail park for £61.8 million

24 July 2015

Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has completed the acquisition of Snipe Retail Park in Manchester in an off-market transaction for £61.8 million 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 sq ft scheme is occupied by 15 national retailers, including operators such as B&Q, Next and Dixons Carphone, with a WAULT of 6.2 years.

Tom Chadwick, Investment Transactions Managerat Orchard Street, commented:

“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.”

Orchard Street was advised by Savills. LaSalle Investment Management was advised by Wilkinson Williams.

END

For more information:

Dana Eisner
Orchard Street Investment Management
+44 (0)20 7494 8860
deisner [at] orchard-street.co.uk

Talia Jessener
FTI Consulting
+44 (0)20 3727 1000
osim [at] fticonsulting.com

Notes to Editors:

Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.