ALTRINCHAM Retail Park has been sold for £63.05M.

The Crown Estate has sold the site on George Richards Way to Orchard Street Investment Management on behalf of St James’s Place Property Unit.

The retail park comprises 218,764 sq ft of accommodation across 13 retail warehouse units and two standalone restaurants, including TK Maxx, Homebase and McDonald’s,

The asset has a weighted average unexpired lease term (WAULT) of 5.2 years - the average length of leases remaining on the site - and the total rental income is £4,683,535 per year, reflecting an average rent of £21.40 per sq ft.

Tom Chadwick, Associate Partner at Orchard Street, said: “We’re pleased to make this yield-accretive acquisition which presents immediate asset management opportunities to improve the WAULT and benefits from the affluent Altrincham catchment.”

Altrincham Retail Park benefits from transport links as it is located three miles south of the M60 and fronts onto the Manchester Road, A56, which provides direct access to Manchester city centre.

Altrincham is also well served by public transportation, with the recently developed Altrincham Interchange providing a bus station, railway station and Metrolink stop.

The Crown Estate, established by Act of Parliament, is not able to borrow, and as such, sales play an important part in raising capital for reinvestment across the business. 

Geoff Ford, for The Crown Estate’s Regional Portfolio, said: “Altrincham Retail Park has performed well and helped us to build critical mass within the retail sector. As an actively traded portfolio, sales such as this one play, an important role in helping to raise capital for reinvestment across the business, where we continue to deliver brilliant shopping and leisure destinations”

Orchard Street was advised on this by Savills, while The Crown Estate was advised by Wilkinson Williams.