Private investor acquires Colchester retail park for £34m
A private South African client of Pembrey Asset Management has acquired Stane Retail Park in Colchester from the developer Churchmanor Estates for £33.95m.
Comprising 123,637 sq ft of retail accommodation, the scheme was opened in phases between October 2021 and October 2022 and is anchored by an 80,000 sq ft purpose-built M&S store.
Other tenants at Stane Retail Park include Superdrug, Mountain Warehouse, Furniture Village, Greggs, and Cook. B&Q and Aldi also have stores at the retail park held in a separate freehold ownership, totalling almost 100,000 sq ft.
The scheme offers a weighted average unexpired lease term of 14 years and holds a BREEAM rating of ‘Very Good’.
Pembrey Asset Management was represented by Cushman & Wakefield, whilst Churchmanor Estates was represented by XPROP.
Marcus Wood at Cushman & Wakefield, said: “2025 is set to be another strong year for retail warehouse investment volumes. C&W recorded £3.5 billion of out of town stock in 2024 and whilst there was a huge surge in transaction volume in Q4, very little of that was of the quality that attracted our client towards Colchester”
Matt Cloke at Churchmanor Estates added “We are delighted to have completed this sale, marking the conclusion of 12 years ownership and development of Stane Park by Churchmanor Estates, which started with the opening of the adjacent leisure park in 2017. The successful sale is a testament to the strength of the location, the quality of the development and the tenant line up that we have put together”.