Glenbrook offloads £12.5m Staffordshire retail park
Glenbrook Investments has sold Springfields Retail Park in Newcastle-under-Lyme, Staffordshire, to FPG UK for a figure slightly ahead of the £12.5m asking price.
With a total area of 75,000 sq ft, Springfields Retail Park comprises five units and two drive-throughs. Tenants include B&M, The Food Warehouse, Pets at Home, Salvation Army, and Halfords.
Altaf Bharde, director at FPG UK, said: “Springfields Retail Park is a prime retail destination located in Newcastle under Lyme.
“This acquisition marks another significant step in strengthening our portfolio, and we are excited about the opportunities it presents.
“We look forward to working closely with our tenants to enhance the retail offering at this well-positioned scheme.”
Scott Griffiths, director at Glenbrook Investments, added: “We identified the retail warehouse sector as being a highly countercyclical investment in 2021, culminating in the acquisition of several retail parks including Springfields, which we have repositioned over the hold period.
“Having extended units, regeared leases, let the voids, added the new Greggs drive thru and modernised the dated shop fronts, the business plan was complete, and we are delighted to have sold to such a high quality buyer in order to reinvest in new opportunities.”
Watling Real Estate, Skyscape Property Management, and Harold Benjamin acted for FPG UK. Savills and Brabners Liverpool represented Glenbrook Investments.