Cleveland Gate Retail and Business Park in Guisborough has been put up for sale at an asking price of £10.5m.
The park was developed in 2017 by Ryedale Estates, which would also consider a split sale, with offers over £7.5m for the retail park and £3m for the industrial estate.
Leeds-based Dacres Commercial and Stokesley-based Jackson & Partners were appointed to market the opportunity.
The scheme spans almost 40,000 sq ft of retail space and 25,000 sq ft of business space, as well as parking for nearly 200 cars.
Tenants on site include an M&S Foodhall, B&M, Frank’s The Flooring, Domino’s Pizza and Hollyhocks Cafe. To the rear of the retail park there are 11 hybrid and light industrial facilities with tenants including TNT Fitness, VetPartners, Guisborough Brewery, Finn’s Bakery and dental practice Riverdale.
The park generates a headline rent of more than £820,000 per year.
Hedley Steel, graduate surveyor at Dacres Commercial, said: “This is an investment opportunity in a commuter town that enjoys regional occupational and consumer demand, prompting sustained rental growth.”
David Jackson, director at Jackson & Partners, added: “The development has seen continued growth and high levels of consumer demand due in part to Guisborough’s rapid expansion and extensive catchment.”
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Photo © Ryedale Estates
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