British Land has acquired Orbital Retail Park in Cannock from Clearbell Property Partners III LP, a fund managed by Clearbell Capital, for £27.6m.
The 123,215 sq ft park comprises 11 stores and is let to a diverse mix of national retailers, including Aldi, Boots, Pets at Home and Marks & Spencer.
The rental value at the park recently increased from £17/sq ft to £20/sq ft and British Land is in advanced discussions with a leading national multiple to occupy a new flagship unit in the Homebase store.
Toby Saul, asset management director at Clearbell, said: “Over the last 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 who have the experience and expertise to take the scheme forward.”
Kelly Cleveland, head of real estate and investment at British Land, added: “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 and British Land was advised by Morgan Williams.
