Staffordshire retail park changes hands for £10.25m

Birmingham-based property company Hortons has completed the sale of an out-of-town retail asset in Staffordshire for £10.25m.

The independent property company has sold Cannock Gateway Retail Park in Norton Canes to a private investor.

The asset comprises almost 38,000 sq ft of retail and drive-through accommodation, and is supplemented by an electric vehicle charging station. The scheme is fully let to occupiers including Tk Maxx, Costa Coffee, Burger King, Sofology, Greggs, and MFG EV Power.

Cannock Gateway Retail Park lies on a 4.4 acre site adjacent to the M6 Toll. The site was acquired by Hortons in 2013 with the retail park built two years later.

Harry Young of Hortons, said: “Our development of Cannock Gateway Retail Park has delivered a high-quality retail and leisure experience that has greatly supported the local economy. Its disposal releases capital to re-deploy into some exciting projects within Hortons’ portfolio, as well as some potential acquisitions.”

Hortons was represented by Atlas Real Estate, whilst Parker & Co acted for the purchaser.