RBS puts UK retail park and development on the market

RBS has hired agents Metis Real Estate Advisors and CursonSowerby Partners to market the New Hey Hall retail park in Rawtenstall, Lancashire, UK.

The property, which is believed to be marketed for around £10 mln (€14 mln), comprises a purpose-built retail warehouse park, together with an adjacent development site which has planning permission for over 80,000 sq ft (7,430 m2) of leisure use. The two elements are being offered for sale either as a combined pair or on an individual basis.

New Hey Hall comprises 41,163 sq ft of retail across four trading units, together with a large dedicated car park. Tenants include M&S Simply Food, TK Maxx and Pets at Home. The park has a weighted average unexpired lease term of 13 years and produces £606,250 of passing rent per annum.

Neville Paterson, director at RBS Real Estate Advisory, said: 'The properties offer investors a core asset with the strong income profile of a blue chip tenant base, as well as the great potential to enhance value and income further through letting opportunities and development of the remaining land.'