A portion of one of the North East's largest retail areas has gone on the market with investors already said to have shown interest.
Commercial property firm UK Land Estates is looking for offers over £6.77m for Portrack Retail Park, off Portrack Lane in Stockton. The six units, offering 65,235 sqft of space, are currently home to brands such as One Gym, Michael O'Connor Furniture, kitchens specialist Howdens, United Carpets and Tile Mountain.
Gross rent across the location is £505,950 per year, reflecting an average of £8 per square foot. Joint agents Knight Frank and JLL say a purchase around the asking price would reflect a net yield of 7% and a capital value of £103.86 per square foot.
