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M7 Acquires West One Retail Park from Frogmore

M7 has acquired the West One Retail Park in Eccles, Greater Manchester from the Frogmore Real Estate Fund III for a  purchase price of £27.5 million.The retail park 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 a time when the development was 50 per cent vacant. At the point of its sale, the park was fully 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,” explains John Matthews, Senior Asset Manager.

“We were delighted to have worked with M7 on this transaction, which is the 5th disposal within Frogmore’s Fund III,” adds 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.”

Frogmore have been investing in UK real estate for over 60 years. Their portfolio spans multiple sectors including retail, office, residential, industrial and alternatives such as retirement park homes, student housing and data centres. Over the last 20 years, the company has invested and sold over £7 billion worth of UK real estate across multiple sectors.

CAMFIL HVAC Filtration Solutions

Staff Reporter covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

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