British Land has bought the 123,215 sq ft Orbital Retail Park in Cannock, Staffordshire, from Clearbell Property Partners III for £27.6m.
The 11-store retail park is let to a diverse mix of retailers, including Tapi, Flooring Superstore, Aldi, Pure Gym, M&S Foodhall, Boots and Pets at Home.
The rental value at the park has recently increased from £17 per sq ft to £20 per sq ft.
British Land said it was already in advanced discussions with a top national multiple to have a new flagship unit in the current Homebase store.
Toby Saul, asset management director at Clearbell, said: “Over the past four years of ownership, we have worked to continuously improve the tenant mix at Orbital. Through this active asset management strategy, we have been able to secure several strong new tenants, including anchor tenant Aldi, that has seen footfall increase consistently. We are very pleased to have been able to sell to British Land which has the experience and expertise to take the scheme forward.”
Kelly Cleveland, head of real estate and investment at British Land, said: “This latest acquisition further solidifies our market leading position in retail parks as we continue to deliver on our strategy of recycling capital into this sub-sector.
“Retail parks remain the preferred physical retail format for an increasing number of retailers due to their affordability, adaptability and accessibility. We are nearly fully let across our parks portfolio and continue to see strong competition for this type of space.”
Clearbell was advised by KLM Real Estate; Morgan Williams acted for British Land.
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