A significant property deal has completed in West Yorkshire.
Gallagher Retail Park in Huddersfield has been bought by FPG (UK) Ltd for £10.6 million.
Anchored by food store Aldi, the fully let purpose-built site also features McDonald’s, M&S Food, Home Bargains and Pets at Home.
It was bought out of administration, with Avison Young acting for A P Berry and M J Magnay of Deloitte.
The Preston-based firm behind it, Marcus Worthington Properties Ltd, went into administration last November.
A spokesperson for the purchaser said: “We are pleased to have acquired, in such challenging market conditions, and this shows our commitment in continuing to grow our portfolio and ability to close transactions.
“We are pleased at acquiring this key community retail park which has been trading throughout the lockdown period.”
Launched in 2013, acquisitive FPG has built a significant property portfolio across retail and logistics warehousing, with the spokesperson stating the search would continue.
Acting for FPG, Ian Whittaker of Ryden’s Manchester office, said: “These have been really challenging times for everyone, and for my client to secure funding and commit to such a significant investment in the current climate is a testament to themselves and shows their ability to perform in even the most testing of markets. The park clearly has Covid-defensive attributes and I fully expect it to be an excellent acquisition for my client. Coupled with asset management opportunities to push income further, it represents a fantastic investment considering such unprecedented times.”
The site sits to the east of Huddersield, just off the A629.
