M7 has emerged as the buyer of the West One Retail Park from investor Frogmore for £27.5 mln (€33 mln).
The retail park, in Eccles, Greater Manchester, comprises 13 ‘big box’ retail units anchored by Lidl, The Range, McDonald’s, Subway, Home Bargains, The Food Warehouse, Jollyes Petfood Superstores, Pure Gym and Smyths Toys.
Frogmore purchased the scheme in April 2015. At the time of purchase it was 50% vacant; at the point of sale the park was 100% let.
‘Having seen the opportunity to reposition West One from a fashion retail park to a discount retail park, we attracted big name retailers. Bringing in complimentary businesses, including Pure Gym, a dentist practice and a chiropractic service brought the park to full occupancy,’ said John Matthews, senior asset manager at Frogmore.
Frogmore has been investing in UK real estate for over 60 years. Its portfolio spans multiple sectors including retail, office, residential, industrial and alternatives such as retirement park homes, student housing and data centres.
‘We were delighted to have worked with M7 on this transaction, which is the 5th disposal within Frogmore’s Fund III,’ commented Tim Allibone, director of Asset Management. ‘Having met all the milestone objectives of the Business Plan, it was the right time to realise this asset.’