Columbia Threadneedle Real Estate has acquired phase 2 and 3 of Merry Hill Retail Park in Brierley Hill and Phoenix Retail Park in Corby on behalf of separate client funds for a rumoured £60m.
Phases 2 and 3 of Merry Hill Retail Park comprise a combined circa 197,000 sq ft of retail warehouse and restaurant space on a site that extends to almost 15 acres with 600 free parking spaces. Anchor tenants include The Range, Currys, Wren Kitchens, DFS and Pets at Home.
Phoenix Retail Park is the dominant retail park in Corby, offering 118,200 sq ft of retail warehouse space with anchor tenants including M&S Foodhall, Matalan, The Range, Currys, Next and The Food Warehouse.
Tom Elviss, fund manager at Columbia Threadneedle Real Estate, said: “The simultaneous acquisition of both phases 2 and 3 at Merry Hill Retail Park from two separate vendors constitutes a majority holding at one of the UK’s dominant retail warehouse clusters in the West Midlands. This presents a significant opportunity to maximise the assets’ potential under single ownership.
“Phoenix Retail Park is set to benefit from Corby’s sizeable residential development pipeline, which brings with it a catchment growth proposition that will allow us to enhance the tenant mix further.”
“At both locations, we intend to draw on our strong retailer relationships and scale in the retail warehouse market as we seek to proactively asset manage the holdings to deliver strong returns for our investors,” he added.
Harvey Spack Field acted for Columbia on the Merry Hill acquisition, with Savills advising on Corby. Morgan Williams advised Merry Hill’s vendor, while Knight Frank represented the seller at Corby.
Image © Columbia Threadneedle
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