Colliers International’s Retail Capital Markets team has been instructed by St Modwen to sell its £150 million regeneration development of Great Homer Street, in Liverpool, for £15.58 million, reflecting a net initial yield of 6.5%.
The prominent new-build multi-let development, which is located 1.5 miles north of Liverpool city centre, has been pre-let to a range of national retailers including B&M; Home Bargains; The Gym Group; Greggs; Subway; Card Factory and Domino’s. It is also positioned opposite a brand new 65,000 sq ft Sainsbury’s foodstore and petrol station, which opened in July 2017.
Tom Edson, Head of Out of Town Investment in Colliers International’s Retail Capital Markets team, who is managing the sale, commented: “This regeneration will create a new hub of activity in North Liverpool, acting as a catalyst for wider redevelopment. 26,600 vehicles pass the scheme each day, equating to c.9.7 million annually, so the potential footfall at the scheme will be particularly enticing for investors. Out of town retail units of this size and with such well-connected transport links don’t come onto the market too often, making it an excellent investment opportunity.”