Frogmore Real Estate Partners III fund has bought the West One Retail Park in Eccles, Greater Manchester, for £17.8m.
The 150,000 sq ft park covers 15 units across 11.1 acres, and was bought from Kilmona Property.
Built in 2001, it was earmarked for a Tesco-anchored 80,000 sq ft store development, in 2009, which was abandoned in 2012.
Frogmore has acquired the site to reposition and refocus the park’s retail offering. Frogmore director of acquisitions Patrick Smith said: “The retail sector is witnessing increased occupier demand on the back of greater consumer confidence and very low vacancy rates in the out of town retail sector.
“It was clear from the outset that West One Retail Park has great potential for Frogmore to reposition the park and capitalise on the recent successful letting to The Range, this provided us with a fantastic opportunity.”
West One Retail Park is the third acquisition in Fund III, adding to a 901-home residential development at Millharbour in London’s Docklands, and the Weston House office refurbishment project in Holborn, WC1.
Frogmore was advised by Westmount Real Estate, Curson Sowerby Partners and Staunton Whiteman; Kilmona Property was represented by Lambert Smith Hampton.
