Castle Marina Retail Park Sold

15th May 2024

Castle Marina Retail Park Sold

KLM Real Estate have completed on the following deal.

What Castle Marina Retail Park has sold to Columbia Threadneedle

Why The sale was launched by the joint venture owners prior to the economic upheaval of last summer, and appetite for larger park sales has returned

What next Hope for momentum to continue throughout the year

Delancey, on behalf of Coal Pension Trust Services, and Blackrock have sold a retail park in Nottingham as larger ticket sales begin to re-emerge in the out-of-town market, React News can reveal.

Columbia Threadneedle, at times a prolific buyer of UK retail warehouses, has bought the 189,000 sq ft Castle Marina Retail Park for around £43m.

The scheme on Castle Bridge Road near the city centre is a bulky goods-focused site with tenants including B&M, Wren, Currys, DFS, Dreams and Homesense at an average rent of £20/sq ft.

The sale was first launched last spring as part of a spate of retail parks brought to market as the residual recovery from the Covid-19 lockdowns continued.

However by summer the market was hit by a range of challenges including the Ukraine war, rising interest rate costs, and the Liz Truss mini-budget, which caused several of the larger retail park sales to stall.

After a quieter first quarter a degree of momentum is returning to retail parks. Last week React News revealed that Imperial Retail Park, a retail and leisure scheme in south Bristol, and Fife Central Retail Park in Kirkcaldy had been purchased by Realty Income Corporation for a combined £175m.

Columbia Threadneedle also bought one of Capreon’s other retail parks, the £70m Rotherham Parkgate, while British Land is buying Thanet’s Westwood and Westwood Gateway retail parks for upwards of £55m.

Savills and Morgan Williams advised on the sale of Castle Marina. KLM Real Estate advised Columbia Threadneedle.

For more information, please contact Jonathan Perkins or William Andrews.

From https://greenstreetnews.com/article/us-investor-grows-retail-park-portfolio-with-castle-marina-purchase/

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