Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Abacus Developments, the development arm of Sir Robert McAlpine, has sold the St Andrew’s retail park in Birmingham to a third-party fund managed by Legal & General. The sale price of £15.25 million ($23 million) reflects an initial yield of 6.7% rising to 7.2% in October 2005.

St Andrew’s Retail Park comprises a total of 168,185 sq with an 80,000-sf unit let to Woolworths’ Big W on a 20 year-lease expiring in 2021 at an initial rent of £1.08 million ($1.6 million) per annum–reflecting £13.50 ($20.50) per sf–with a fixed uplift to £1.16 million ($1.76 million) per annum in October 2005. In addition to Big W, the park is also anchored by an 83,185-sf Morrison’s Superstore let on a 250 year ground lease.

Strutt & Parker acted for Abacus and Insignia Richard Ellis acted for Legal & General.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.