Cleveland Gate Retail and Business Park has been put on the market by Ryedale Estates with a price tag of £10.5m+.
The park, which is located a few minutes from Guisborough town centre in North Yorkshire, offers almost 40,000 sq ft of retail space, 25,000 sq ft of business space and parking for nearly 200 cars.
The retail park opened in 2017 and tenants include an M&S Foodhall, B&M, Frank’s Flooring, Domino’s Pizza and Hollyhocks Café. To the rear of the retail park there are 11 hybrid and light industrial units with tenants including TNT Fitness, Vet Partners, Guisborough Brewery, Finn’s Bakery and dental practice Riverdale.
The site generates a headline rent of more than £820,000 per year and selling agents Dacres Commercial and Jackson & Partners have been instructed to seek offers in excess of £10.5m. The site could also be split, with the option to sell the retail park for £7.5m and the industrial estate for £3m.
Hedley Steel, from Dacres Commercial, said: “This is a modern and high-quality investment opportunity in a sought-after and growing commuter town that enjoys buoyant regional occupational and consumer demand, prompting sustained rental growth.
“Tenants include national, regional and local occupiers and other major retailers nearby include the likes of Sainsbury’s, Boots, Aldi, Iceland and Lidl. In addition, the retail park’s VNPR data shows that between 2019 and 2023, vehicle movements increased by 23.26%, with the average number of monthly vehicle movements standing at 51,335 in 2023.
“All this further enhances Cleveland Gate Retail and Business Park’s credentials as a solid investment opportunity, and we’re already generating significant interest from both local and national investors.”
David Jackson, from Jackson & Partners, added: “This is a rare opportunity to acquire one of the region’s most successful retail and business destinations situated in this affluent part of North Yorkshire. The development has seen continued growth and high levels of consumer demand due in part to Guisborough’s rapid expansion and extensive catchment. We are experiencing strong interest from a wide range of investors and hope to conclude matters in the next few months.”
