The purchase price reflects an initial yield of around 6.5%, and the final purchase price will depend on the rent achieved on the last lettings. Wal-Mart has already pre let 75% of the floorspace to Schroders' DIY brand Homebase; Kingfishers electricals format Comet; fashion group Next and JJB Sports. It says strong interest is being shown in the remaining units at rents of over £25 ($36) per sf.
The development is timetabled for completion in October this year. The Orbital Shopping Park is part of a district centre containing the Asda Wal-Mart Supercentre, a library, police station and community square. The site has a prominent frontage to Swindon's new Orbital Link Road.Tim Roberts, joint Head of Asset Management at British Land said: 'We are pleased to have worked with ASDA Wal-mart to help secure a prime destination shopping park. With an open planning consent and strong retailer demand from high street retailers we envisage good rental growth.'
Harvey Spack Field advised British Land and Colliers CRE advised Asda Wal-Mart.
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