International real estate adviser, Savills, has completed the sale of Snipe Retail Park in Ashton-Under-Lyne, Manchester, on behalf of Orchard Street Investment Management for £62 million.
The 242,000 sq ft dominant retail park, which is located five miles east of the city centre and anchored by B&Q, was bought by CBRE Investment Management represented by Xprop.
James Hurst, Director in Investment at Savills, comments: “2024 has proved to be a resurgent year in the retail warehouse investment market with strong trade, low vacancy and rental growth driving investment volumes in excess of £3 billion, for only the third time in the last decade. With such a robust occupational platform, we see this trend continuing into next year and beyond.”
The sale marks Savills’ 50th retail park traded this year, having been involved with over £1.6 billion worth of transactions, representing a 50% share in total market volume.