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.
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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.