Tue, 14 Jul 2020 | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired out of administration by FPG Ltd in a £10.6 million deal. The retail park’s previous owner, Preston-based Marcus Worthington Properties Ltd, went into administration last November.
The retail park, located to the east of Huddersfield off the A629, is a fully let purpose-built site. It features businesses including Aldi, McDonalds, M&S Food, Home Bargains and Pets at Home. Property consultancy firm Avison Young sold the park on behalf of administrators Deloitte.
Avison Young’s restructuring solutions team worked with Marcus Worthington’s joint administrators Adrian Berry and Michael Magnay in handling the park’s management while working towards a sale.
FPG was launched in 2013 and has become an acquisitive operator, building a significant portfolio of retail and logistics warehouses. A spokesperson for the company said that FPG would continue to search for potential acquisitions.
Discussing Gallagher Retail Park, the spokesperson 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.”
Ian Whittaker of the Manchester office of commercial property consultant Ryden, who acted for FPG, said that: “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.”
Avison Young director Alex Sweetman said: "The retail park is home to a great mix of retailers committed to serving the town.”
"We're naturally pleased to have received a healthy level of interest from both private and institutional investors, particularly during the COVID-19 outbreak, demonstrating the confidence that remains within the property investment market for well-let retail assets."
One of the best ways to find properties below market price is to look at recent administrations.
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