Columbia Threadneedle Investments has acquired Bowers Retail Park for a private client, in a deal brokered by Knight Frank’s investment team in Manchester.
The property, which occupies a highly prominent roadside position within Widnes, extends to 44,169 square-feet of gross internal space, and it is fully let to Wickes and Pets at Home.
The scheme benefits from a long weighted average unexpired lease term of 10-and-a-half years, and approximately 75 per cent of the income is linked to CPI indexation.
Craig Barton, of Knight Frank, who advised on the disposal, said: “We are delighted to help our client execute the business plan with this asset, having acquired the property more than 10 years ago and developed the Pets at Home unit.
“We wish Columbia Threadneedle well with its future ownership of what is a very successful, busy scheme.”
Matthew Roberts, of Montagu Evans, who advised the buyer, added: “This acquisition reflects continued investor appetite for well-let DIY anchored retail warehouse investments in strong regional locations.
“Bowers Retail Park offers secure income to two strong-trading national retailer covenants, with scope for further asset management.”