Yahoo News Major retail and business park in Guisborough goes on the market for £10.5m
A major retail and business park has been put on the market for over £10million.
Cleveland Gate Retail and Business Park in Guisborough, which houses a variety of well-known brands and local businesses, is expected to draw attention from property investment firms both nationally and internationally. The park offers nearly 40,000 sq ft of retail space and 25,000 sq ft of business space, along with parking for almost 200 cars.
It's located just minutes away from the centre of Guisborough. The site was developed by Ryedale Estates and is being marketed jointly by Dacres Commercial, based in Leeds, and Stokesley-based Jackson & Partners.
Since its opening in 2017, the retail park has attracted tenants such as M&S Foodhall, B&M, Frank's Flooring, Domino's Pizza and Hollyhocks Cafe, all served by a 186-space car park. At the back of the retail park, there are 11 hybrid and light industrial units housing tenants like TNT Fitness, Vet Partners, Guisborough Brewery, Finn's Bakery and specialist dental practice, Riverdale.
The entire site generates a headline rent of over £820,000 per year. The selling agents have been instructed to seek offers exceeding £10.5million. There's also the option to split the site, with the retail park potentially selling for £7.5million and the industrial estate for £3million.
Hedley Steel of Dacres Commercial commented: "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 of Jackson & Partners remarked: "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."
For more details on Cleveland Gate and the investment opportunity, visit www.clevelandgate.co.uk.
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