THE Marina Quay retail park has been sold in a deal worth more than £17million to an investor from the Isle of Man.

First World Hybrid Real Estate (FWHRE) has bought the site from Scarborough Development Group (SDG) for £17.7m, commercial real estate agency Allsop has confirmed.

Allsop was jointly appointed with Knight Frank in July to sell the site, with an Allsop spokesperson adding: “There were a number of other bids above the asking price (in excess of £17 million).”

Marina Quay was constructed in 2017 by SDG and comprises more than 105,000 sq ft of prime retail warehouse units.

The site includes 11 retail units, including a 18,651 sq ft Aldi store, as well as retailers including B&M, Farmfoods, Greggs, The Range and Costa.

It is described by Allsop as having an 'attractive AWULT (average weighted unexpired lease term) of 13.9 years to expiry and 12.1 years to break'.

The deal represents a net initial yield of 6.25 per cent; Marina Quay generates rent of £1.15m per annum, reflecting a low average rent of £11.23 per sq ft.

Its Aldi store accounts for 22 per cent of its total income.

FWHRE’s portfolio includes 23 properties across the UK, most of which are logistics and warehouse assets.

Dr James Davies, MP for Vale of Clwyd, said: "Clearly, it is a positive sign that there has been interest in the site from a number of parties. 

"There is scope to expand and improve the offer at Marina Quay in a way that is complementary to efforts to regenerate the town centre and I have reached out to ‘First World Hybrid Real Estate’ to engage with them over their plans. 

"I will be keen to emphasise to them the aspirations for adjacent land and the harbour opposite."

Gareth Davies, MS for Vale of Clwyd, said: “It’s fantastic to see such investment happening in Rhyl after a difficult period for retail during the pandemic.

"I hope this is a step in the right direction for the regeneration efforts in the town and encourages more investment from the private and independent business sectors to complement the ‘Levelling Up’ funding from the UK Government and regeneration efforts from Denbighshire County Council.”

Councillor Joan Butterfield, of Rhyl West ward, added: "I don’t know anything about this company but of course, if they have bought this site, and as their title incorporates 'Hybrid', this does give the impression they are progressive and imaginative, and will, I hope, market the empty sites on the Marina Quay.

"I would like to see a fish restaurant and fish sale on site, with a partnership with the commercial fisherman out of our harbour across the road from the site."