Orbital Retail Park In Cannock Sold

11th December 2024

Orbital Retail Park In Cannock Sold

KLM Real Estate have completed on the following deal.

Orbital Retail Park in Cannock sold by Clearbell Capital Orbital Retail Park

What Clearbell Capital has sold Orbital Retail Park to British Land for £27.6m

Why Deal made on behalf of its Clearbell Property Partners III LP fund

What next British Land to take over asset management of the scheme and is in talks for a flagship unit to occupy the current Homebase store

Clearbell Capital has completed the sale of Orbital Retail Park in Staffordshire, to British Land.

The 123,215 sq ft asset in Cannock was traded for £27.6m, with Clearbell making the transaction on behalf of its managed fund Clearbell Property Partners III LP.

Located in Cannock, the park comprises 11 stores across two terraces, which are let to several tenants. Recent occupiers include Tapi and Flooring Superstore, which took 10,000 sq ft and 4,000 sq ft, respectively. Aldi, PureGym, M&S Foodhall, Boots and Pets at Home also have a presence at the scheme. Clearbell had agreed a rent of around £20/sq ft to Tapi, upping it from the previous £17/sq ft.

Fund manager Clearbell had acquired Orbital Retail Park from M&G Real Estate, with the £14.75m sale price reflecting a yield of 11.8%. The latter had initially priced the asset for close to £21m in 2019, as revealed by Green Street News, and had mandated Cushman & Wakefield for the disposal.

The park, which generated a rent roll of just over £2m annually at the time, was held in M&G’s £2.5bn UK property fund.

“This latest acquisition further solidifies our market-leading position in retail parks” KELLY CLEVELAND, BRITISH LAND

With the acquisition, British Land will now take over the asset management of the property, and is engaged in advanced talks to set up a new flagship unit located at the current Homebase store.

Toby Saul, asset management director at Clearbell, said: “Over the last four years of ownership, we have worked to continuously improve the tenant mix at Orbital. Through this active asset management strategy, we have been able to secure several strong new tenants, including anchor tenant Aldi, that has seen footfall increase consistently. We are very pleased to have been able to sell to British Land who have the experience and expertise to take the scheme forward.”

Kelly Cleveland, head of real estate and investment at British Land, added: “This latest acquisition further solidifies our market-leading position in retail parks as we continue to deliver on our strategy of recycling capital into this sub-sector.”

Clearbell was advised by KLM Real Estate. British Land was advised by Morgan Williams.

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

From https://greenstreetnews.com/article/british-land-buys-28m-staffordshire-retail-park/?mc_cid=d206fe1b1e&mc_eid=2fbb87927b

BACK

What our clients say

KLM Retail are a highly trusted, savvy team that deliver exceptional quality of advice, service & results.

Jack Busby

Portfolio Director

Land Securities Group Plc

What our clients say

Having continuity of team and intelligence from start to finish from investment to leasing has been a real asset.

David Roger

Portfolio Manager, Standard Life Investments

Contact Us

Contact one of the team at KLM Real Estate

Call us on +44 (0)20 7317 3700

Subscribe for Newsletter Enquire