Furnishing retail park sold for over £6m

A retail and warehouse trade park home to a number for furnishing businesses has been sold for over £6m.

Portrack Retail Park, off Portrack Lane in Stockton, has been sold in a deal brokered by Knight Frank and JLL, with joint agents acting on behalf of UK Land Investments, to an overseas family office for £6.35m.

The 65,235sqft park is fully-let to six businesses including four furnishing retailers Michael O’Connor Furniture, Howdens, United Carpets and Tile Mountain.

As part of the sale, Knight Frank has retained the property management contract for the retail park.

Dickon Wood, partner at Knight Frank, said: “The investment market is increasingly difficult due to inflationary pressures and increasing base rates but this disposal of Portrack Retail Park demonstrates there are still some excellent opportunities and active investors in the market.”

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