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Congleton Retail Park sold for £15 million

Congleton Retail Park in Cheshire has been sold by Lothbury Investment Management to Middlesbrough Council’s Teesside Pension Fund for £15.09 million.

PROPERTY

Congleton Retail Park sold for £15 million

Congleton Retail Park in Cheshire has been sold by Lothbury Investment Management to Middlesbrough Council’s Teesside Pension Fund for £15.09 million.

Situated half a mile from Congleton town centre, the scheme’s line-up includes retailers such as B&M, Boots, Marks & Spencer, Laura Ashley, Shoe Zone, Bensons, Carphone Warehouse, Jollyes Pets, Halfords and Topps Tiles.

Ed Hockley, fund manager and director of Lothbury Investment Management, said: “Congleton Retail Park has given the fund good rental growth since its purchase in 2014 and created some opportunities for asset management initiatives.

“However, with the retail environment undergoing considerable pressures, our policy is to selectively divest in the sector and de-risk our exposure.”

Spanning 64,800 square feet, Congleton Retail Park was originally developed in 2004 and added an extension in 2007.

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