Member Article

Chester Vodafone and Primark units sold for £8m

CBRE’s Manchester Capital Markets team has sold two retail units in Chester occupied by Vodafone and Primark for a combined sum of nearly £8m.

Primark on Foregate Street was sold on behalf of Wellbeck to Primark for £5.91m.

Primark has been in the unit since 2012 and Metis Real Estate acted for Primark.

On behalf of Hudson Advisors, 27 Eastgate Street was sold to Pervais Naviede Family Trust for £2m.

The property is let to Vodafone until 2021, the top two floors of the unit are residential accommodation and the agent for the purchaser was Zameero.

Director of Capital Markets at CBRE’s Manchester office, Robert Woods, said: “Chester is a popular historic Cathedral City and an important tourist destination, attracting over 8 million visitors per annum and despite prevailing market conditions, retailer demand for the city remains very strong.

“As at August 2014, there were 28 requirements for Chester against a national average of 13, ranking the City 25th of all PROMIS Centres in the UK.

“The properties on Eastgate Street and Foregate Street are situated in a prime position within the centre of Chester and will provide the investors with excellent opportunities for future returns.”

This was posted in Bdaily's Members' News section by Sophia Taha .