Mike Ashley has appointed CBRE to sell the Forge retail park in Glasgow for £82m – a 7% yield.
The billionaire owner of Newcastle United has tasked the agent with finding a buyer for the 390,547 sq ft park. The park is anchored by Tesco and B&Q and is home to a Sports Direct store, Ashley’s budget sports brand. It is let off rents of around £17 per sq ft and has an average unexpired lease term of eight years.
The sale will test investor appetite for exposure to DIY stores, with B&Q – which announced plans to close 60 stores last month – occupying almost 100,000 sq ft at the park.
The DIY chain pays a rent of £14.50 per sq ft.
A special purpose vehicle controlled by Ashley bought the Forge in 2008.
The sale comes as the retail tycoon closes in on his first major foray into the luxury residential market. Ashley is behind a £200m deal to buy the Clearings site in Chelsea, SW7, together with Citygrove and McLaren Property. The scheme will comprise 62 luxury flats and seven townhouses.
