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NewRiver sells Mount Street Retail Park and Saltney Retail Park for £12.3m

NewRiver has sold Mount Street Retail Park in Wrexham and Saltney Retail Park in Chester to M7 Real Estate for £12.3m (c. €14m), ahead of March and September 2018 valuations, and representing a blended net initial yield of 7.6% and a blended unlevered IRR of 14.7% over their period of ownership.


Located on Mount Street in LL13 8DW Wrexham, Mount Street Retail Park comprises a 55,300 sq ft retail park anchored by Matalan with 213 car parking spaces. Since its acquisition by NewRiver in June 2014, the asset has generated an unlevered IRR of 11.1%. Located on River Lane in CH4 8RF Chester, Saltney Retail Park comprises a 48,200 sq ft retail warehouse let to Go Outdoors with 380 car parking spaces. Since its acquisition by NewRiver in July 2015, the asset has generated an unlevered IRR of 22.2%.

Mount Street Retail Park is the final asset to be disposed of from the Linear Portfolio of four retail park assets acquired by NewRiver in June 2014 for £17.3m (c. €19.7m), representing a net initial yield of 9.1%. The other assets in the portfolio comprised: a Halfords store in Paisley, sold in February 2015 for £1.8m (c. €2.1m); a Poundstretcher store in Wymondham, Norfolk, sold in July 2017 for £4.3m (c. €4.9m); and Clough Road Retail Park, Hull, which was sold in June 2014 for £11.2 million (c. €12.8m), following a comprehensive programme of asset management initiatives by NewRiver. In total, the Linear portfolio has generated an unlevered IRR of 14.0% over its period of ownership.

NewRiver has sold Saltney Retail Park in Chester to M7 Real Estate for £12.3 million.
“This portfolio, which was our first investment into retail parks, has delivered an attractive return over its period of ownership and we have profitably recycled these assets over the past few years. These latest sales, ahead of March and September 2018 valuations, provide further evidence of the liquid market for conveniently-located retail assets with a small lot size,” Charles Spooner, Director, said.