British Land acquires £30m Shropshire retail park
British Land has acquired Telford Bridge retail park in Shropshire for £30m, reflecting a topped-up net initial yield of 8.3%.
Spanning over 195,000 sq ft, the scheme is situated in close proximity to Telford town centre and Junction 5 of the M54. Tenants at the retail park include B&Q, Smyths Toys, The Range, Argos, Dreams, Tapi Carpets, Halfords, Pizza Hut, Starbucks, Jollyes, OneBeyond, and Hobbycraft. One of the units at the scheme is currently under offer to JD Gyms.
The announcement of the acquisition came as British Land released a trading update for the first quarter of the year, ahead of the real estate investment trust’s annual general meeting. During the period, which comprises the three months ending 30 June 2026, the group completed 567,000 sq ft of leasing deals and said that an additional 1.1 million sq ft is currently under offer.
Simon Carter, chief executive of British Land, said: “We have started the year well, with momentum continuing from the end of our last financial year. Both of our core markets remain strong. Demand continues to outstrip supply across campuses and retail parks, leasing remains ahead of previous passing rents, and forward indicators give us confidence that these favourable market conditions will persist.
“As I prepare to hand over to Joanne McNamara in September, I do so with great confidence. Our high-quality portfolio, value-add mindset and exposure to two of the UK’s most attractive real estate sectors provide a strong platform for continued EPS growth.”