Portrack Retail Park, located off Portrack Lane in Stockton, has been acquired for a sum of £6.35 million. The park, which spans 65,235 sq ft and houses six fully-let retail, warehouse, and trade counter properties, was purchased by an overseas family office.

The deal was facilitated by Knight Frank and JLL, who represented UK Land Investments.

The park boasts tenants such as One Gym, Michael O’Connor Furniture, Howdens, United Carpets, and Tile Mountain. The annual gross rent for the location stands at £505,950, averaging £8 per square foot. Following the sale, Knight Frank will continue to manage the property.

Dickon Wood from Knight Frank commented on the robust investment opportunities in the market, while David Gibbs from UK Land Investments highlighted the company’s significant investments in the park and its success in securing diverse tenants.