The Galbraith Investment Team have advised on the purchase of Allison Court Trade Centre, Gateshead, on behalf of their client Buccleuch Property. The park was bought off market from New River for £5.5 million reflecting an initial yield of 8.80 per cent.
Allison Court Trade Centre is located in a highly prominent position on the A1, immediately adjacent to the popular Intu MetroCentre, the UK’s second largest shopping centre.
The property comprises a multi-let retail and trade centre of 11 units extending to a total area of 44,500 sq ft. The park is fully occupied and let to tenants including Halfords, American Golf, Alpkit, Pure Scooters & Bodypower Sports.
Philip Eves of Buccleuch Property commented: “We are delighted to have completed on the purchase of Allison Court. We are in part refocusing our acquisition strategy towards out of town retail opportunities with strong tenant demand and robust footfall. We believe these investments represent excellent value in the current market conditions and we intend to purchase more properties of this nature over the coming 12 months.”
Jamie Thain of Galbraith commented: “We are very pleased to have been able to secure this prominent park for our client which offers ongoing performance coupled with active asset management opportunities going forward.”
Galbraith and Womble Bond Dickinson advised Buccleuch Property; Knight Frank advised New Rive
