Property company Wordie Properties has purchased the newly built Skelton Retail Park in Saltburn-by-the-Sea.
Developed by Urban&Civic, the retail park spanning 41,050 sq. ft. was completed in December 2017 and is home to tenants such as B&M, Greggs, Sue Ryder and McDonalds. Skelton Park has had a run of successful store openings with only one unit currently available on site.
Wordie Properties, a family-owned firm which traces back its roots to 1903, owns and manages a portfolio of more than 40 properties across the UK, mainly in Scotland, as well as the north of England and the Midlands.
Cushman & Wakefield acted for Wordie Properties in the transaction.
Richard Turner, Partner, Investment at Cushman & Wakefield said: “This scheme, together with the high trading Asda on site will provide the dominant retail offer for an extensive South Cleveland catchment. In a turbulent time for the High Street, convenience retail such as this retains the relevance and offers excellent investment characteristics. We are delighted to have acquired such a high-quality asset off-market on behalf of Wordie Properties who we have acted for more than 20 years.”
Charles Wordie of Wordie Properties added: “The acquisition of this retail scheme is very much in line with our strategy to acquire excellent quality, well located convenience retail serving local communities, a sector of the retail market that continues to perform well.”