State Street Investment Management has acquired St Michael’s Retail Park in Ripon from Commercial Development Projects and Rothstone Estates for £8.3m.
The 24,400 sq ft North Yorkshire retail park, which is located on Rotary Way, just off the A61 Ripon bypass, is let to Marks & Spencer, Next and an EV charging operator.
Mark Rothery, managing director of Rothstone, said: “We are absolutely delighted to get this significant deal over the line. It’s been a long and fascinating journey. Ten years ago, I was introduced to a field in Ripon. A few twists and turns later, including the minor detail of securing planning, and we have finally sold the completed investment this month to State Street IM. They are a brilliant buyer who did exactly what they promised.
“We are very proud of this fabulous scheme, which has proved to be a significant boost to the economy of the very special city of Ripon. Both M&S and Next are exceptional retail occupiers and have been a pleasure to deal with. Without them, we would not have had a scheme.
Richard Brooke, investment partner at Knight Frank, which acted for the vendors, added: “This important deal underlines the attraction of well-located developments with stellar occupiers. The yield on the deal is 5.62%, which is a reflection of the strategic importance and secure future of St Michael’s. Although the state of the commercial property sector in the UK remains challenging, there are definitely deals to be done, when the right price, the right location and the right occupiers align.”
Knight Frank and Lamb and Swift represented the vendors and TW Keil represented the buyer.
