British Land has exchanged contracts to sell two retail parks to Invista Fund Management for a total consideration of approximately €42 million (£30.3 million). The parks are Queens Road Retail Park, Sheffield and the Great Bridge Retail Park, West Bromwich.
Queens Road Retail Park is located in an established out of town retail location on the A61, adjacent to a B&Q Warehouse. Providing circa 53,000 ft² of accommodation arranged in six units the scheme has restricted consent and is let to national multiple retailers including Allied Carpets, Magnet, Poundstretcher and Netto.
Great Bridge Retail Park is located at the junction of the A41 and A461 Black Country Spine Road. The Open A1 scheme comprises three retail warehouse units extending to circa 34,500 ft² plus a standalone KFC drive thru unit of 2,483 ft². The retailers are Instore, Boots, JJB Sports and KFC.
Andrew Jones, British Land's Head of Retail, said: "The two parks are now well let and we have maximised the asset management growth potential for the near term. The disposal meets our strategy of focussing on Open A1 parks with the biggest growth potential and we will continue to execute opportunistic sales and purchases to facilitate that strategy."
The Queens Road Retail Park, Sheffield has been sold for approx. €23 million (£16.8 million), an initial yield of 4.95%.
The Great Bridge Retail Park, West Bromwich has been sold for approx. €19 million (£13.5 million), an initial yield of 3.5%.
Wilkinson Williams acted for British Land and Morgan Williams on behalf of Invista.
Source: British Land