DTZ Investors cashes in on £33m retail park pair
DTZ Investors has sold Linkway Retail Park in Cannock, Staffordshire to a French real estate investment group and St John’s Retail Park in Wolverhampton to Brookhouse Group for a total of £33m.
Linkway Retail Park extends to 106,431 sq ft and comprises a fully-let 10-unit scheme with tenants including B&M, Dunelm, Food Warehouse and Halfords. It occupies an 8.5-acre site and was sold for £16,450,000, reflecting a net initial yield of 7.2%.
Spanning 111,598 sq ft, St John’s Retail Park comprises nine units with eight tenants including Next, Currys, Pets at Home, and Wren Kitchens alongside a vacant Homebase store. The property is located on an 8-acre site on the ring road immediately south of Wolverhampton city centre and was sold for £16,500,000, reflecting a 7.4% net initial yield.
Ben Haller, director at DTZ Investors, said: “These assets are no longer aligned to fund strategy with a decision to sell and reallocate the capital into higher quality retail warehouse opportunities. This ties to our recent purchase of Anchor Retail Park in Mile End for £37m and with continued appetite for further acquisitions.”
HampsonWall acted for DTZ Investors. Sienna Investment Managers represented the French real estate investment group whilst Brookhouse Group was represented by Staunton Whiteman and CSP.