It’s been confirmed that Altrincham Retail Park is no longer the property of the Queen.
The Crown Estate has agreed the sale of the park to clients of Orchard Street Investment Management for £63.05m.
Home to major retail brands including Argos, Boots, Currys PC World, Hobbycraft, Mothercare and TK Maxx, the park attracts around four million visitors a year.
Altrincham was one of 17 retail parks owned by the Crown Estate, which has a wide-ranging portfolio worth £13bn that ultimately belongs to the Queen.
Established by Act of Parliament, The Crown Estate is not able to borrow, and as such, sales play an important part in raising capital for reinvestment across the business.
It returns 100% of its annual profits to the Treasury for the benefit of the public finances, a sum totalling £2.6bn over the last 10 years.
Geoff Ford, for The Crown Estate, said: “Altrincham Retail Park is a popular, well located scheme that has been important part of The Crown Estate’s regional retail portfolio since the mid 1990s.
“As a business which cannot borrow, sales play an important role in helping us to raise funds for reinvestment, enabling us to continue our focus on delivering brilliant shopping and leisure destinations”
Tom Chadwick, Associate Partner at Orchard Street, added: “We’re pleased to make this yield-accretive acquisition which presents immediate asset management opportunities to improve the WAULT and benefits from the affluent Altrincham catchment.”
