Peel Retail Park Spire Rd 46,428 sq ft 100% Let Retail Property Washington NE37 2PA £3,450,000 (£74.31/sq ft) 7.57% Net Initial Yield

Peel Retail Park presents an opportunity to acquire a modern freehold retail warehouse investment in Washington, Tyne & Wear. The property comprises a purpose-built two-unit retail warehouse scheme extending to 46,428 sq ft across ground and first floors and is fully let to British Heart Foundation and JD Sports Gyms Limited. Both occupiers are identified within the marketing material as Creditsafe "Very Low Risk" covenants, providing investors with income secured against established national operators.
The asset produces a total passing rent of £278,008 per annum and benefits from a weighted average unexpired lease term of 10.6 years to expiry and 8.3 years to break. Approximately 46% of the income benefits from contractual rental uplifts in 2029 and 2034, while the remaining income is subject to an upward-only rent review in 2029, creating potential for future rental growth.
Strategically positioned immediately off the A1231 Sunderland Highway, the property enjoys direct connectivity to the A1(M), A194(M) and A19, providing convenient access to Newcastle upon Tyne, Sunderland, Durham and the wider North East region. The scheme occupies a prominent location within an established retail warehouse cluster alongside Lidl, B&M, The Food Warehouse, McDonald's Drive Thru and Costa Coffee, supporting consistent customer activity and long-term occupier appeal.
Washington benefits from a substantial resident population, strong regional road infrastructure and proximity to major employment generators, including the Nissan manufacturing complex and associated supply-chain businesses. With no recorded retail warehouse vacancy within Washington and limited availability of larger retail warehouse accommodation in the surrounding area, the asset offers secure income supported by established occupational demand and a low passing rent profile relative to wider market evidence.