In their first acquisition of 2024, FPG (UK) has snapped up Phase 2 of Washington Retail Park from Peel Retail and Leisure, a deal which follows on swiftly from the acquisition of the Moorland Centre Retail Park in Lincoln late last year.
The Manchester office of Watling Real Estate advised FPG (UK) on the purchase of the major retail scheme on the Sunderland Highway, Tyne & Wear. The wider Washington Retail Park comprises 122,322 sq ft of retail space with 678 parking spaces.
Ian Whittaker, a director in the Manchester office of Watling Real Estate, said: “Located prominently on Spire Road just off the Sunderland Highway (A1231), the park boasts an impressive tenant line up, being anchored by a Lidl food store which accounts for over 50% of the income.
“Greggs, Food Warehouse and One Below make up the remaining tenant line up which has a very healthy 14 year WAULT. The current income is circa £600,000, with additional income available from electric vehicle chargers.”
Altaf Bharde, director at FPG, said: “We are thrilled to kick off the new financial year with a bang. The Park is a fantastic addition to our portfolio and our pipeline for the coming months is looking strong.
“This acquisition perfectly aligns with our focus on out-of-town retail parks anchored by strong food retailers. A huge thank you to all our advisors for helping to make this deal happen.”
Ian Whittaker said: “We are delighted to have advised on this acquisition and it adds to the growing number of transactions that we have had the pleasure to work on together.
“FPG are a fantastically reliable buyer and when they agree to something you have the confidence that it will be a smooth and timely transaction. FPG remains on the hunt for new stock for the remainder of the year, so we would be pleased to receive further approaches on suitable sites.”
Freddie Guest of agents Savills advised Peel on the sale, with Walker Morris providing legal advice. Law firm Harold Benjamin acted for FPG, while Skyscape Property Management provided management support.
