Castlemore Securities has sold a pair of retail schemes in Old Trafford and Wiltshire for a combined total of £33m.
Both transactions represent a net initial yield of less than 5%.
The 36,000 sq ft retail warehouse scheme on Chester Road, Old Trafford, close to Manchester United’s football ground, was sold to Britannia Insurance.
Occupiers at the site, part of which is under construction, include DFS, Sleep Master, KFC and Harry Ramsdens.
The 50,000 sq ft scheme in Warminster, Wiltshire, is on Fairfield Road and has been purchased by Legal & General, subject to outstanding planning considerations.
It has open A1 consent and will comprise a 26,000 sq ft DIY unit and an 8,000 sq ft garden centre, three units at 6,000 sq ft each and one of 5,000 sq ft.
Two of the units have been prelet to Argos and Focus.
Brad Critcher, Managing Director of Castlemore, said: “Both Trafford and Warminster are typical edge of town developments that remain hugely popular with retailers.
“The schemes have been highly successful and this is reflected in the level of interest we have received from the market.”
Midlands-based Castlemore is currently developing over 1.5m sq ft of new retail, leisure and office space nationally.
References: EGi News 26/04/06
