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LANDMARK RETAIL AND BUSINESS PARK FOR SALE IN GUISBOROUGH

LANDMARK RETAIL AND BUSINESS PARK FOR SALE IN GUISBOROUGH

Commercial News | Tue 09 Jul 2024
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A modern retail and business park in Guisborough which is home to a wide range of household names and local businesses is for sale and it is expected to attract interest from both national and international property investment companies.

Cleveland Gate Retail and Business Park offers almost 40,000 sq ft of retail space and 25,000 sq ft of business space, as well as parking for nearly 200 cars, just a few minutes from Guisborough town centre. The site was developed by Ryedale Estates and is being marketed jointly by commercial property agents, Leeds based Dacres Commercial and Stokesley based Jackson & Partners.

The retail park opened in 2017 and tenants now include an M&S Foodhall, B&M, Frank’s Flooring, Domino’s Pizza and Hollyhocks Café, all served by a 186-space car park. 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 specialist dental practice, Riverdale.

The whole site generates a headline rent of more than £820,000 per year and the selling agents are instructed to seek offers in excess of £10.5million. The site could also be split, with the option to sell the retail park for £7.5million and the industrial estate for £3million.

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.”

Further information about Cleveland Gate and the investment opportunity is available at www.clevelandgate.co.uk

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