British Land Sells Four

LONDON-British Land has sold four substantial properties, raising £125 million ($183 million) as part of its opportunistic policy of selling on investments where a profit can be made.

In Birmingham city centre, British Land has sold Temple Court, a 265,000 sf office building located close to Colmore Circus, for £42 million ($61 million). It is let to PricewaterhouseCoopers for a further 13 years, and includes an arcade of nine shops. And a pub fronting Corporation Street let to Wetherspoons. Collingwood Rigby acted for British Land and the purchaser was represented by Blandford Goldsmith.

In Nottingham, British land has sold the Kingsthorpe Shopping Centre, a 58,000 sf neighbourhood shopping centre, to Thurleigh Estates for £5.5 million ($8 million). Insignia Richard Ellis acted for British Land and Lambert Smith Hampton advised the purchaser.

The other two properties were shopping centres in Northern Ireland. In Belfast, BL Universal, the joint venture company between British Land and retailer GUS, has sold the Connswater shopping centre and retail park to Killultagh Estates for £47.3 million ($69 million). The 295,000 sf shopping centre is anchored by Tesco, Woolworths and Dunnes, and includes 50 unit shops where tenants include Next, Boots and Etam. The retail park, located next to the shopping centre, provides 14 units and major occupiers include Fitness First, Lidl, Carpetright and Sports Division. Colliers CRE and NAI Gooch Webster advised the vendors.

And in Lisburn Northern Ireland the Tesco British Land Property Partnership has sold the Bow Street Shopping Mall to a private Irish investor for £30.4 million ($44 million). The shopping centre provides over 111,000 sf of retail space anchored by Dunnes Stores, TK Maxx and Primark. Colliers CRE advised the vendor and the purchaser was advised by Mckibbin Commercial.