Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Continued investor interest in out-of-town retail is underlined by Standard Life Investments’ £88.95 million purchase of two Midlands retail parks from LaSalle Investment Management. Standard Life has bought the Crossley Retail Park in Kidderminster, Worcestershire and the Princess Alice Retail Park in Sutton Coldfield, Birmingham.

The 203,393-sf Crossley Retail Park is located on St Mary’s Ringway in Kidderminster . It has a bulky goods planning consent and is currently let to B&Q, MFI, Carpetright, SCS, Klaussner, Comet, Halfords and Staples until 2025. The current rent roll of £3.3 million ($5.6 million) per annum reflects rents of £15.50 ($26.40) to £17.50 ($29.80) per sf. The sale price reflects a net initial yield of 6.24%.

And the 107,664 sf Princess Alice Retail Park on Princess Alice Drive, Sutton Coldfield is let to Marks & Spencer, Boots the Chemist, DSG Retail, Internationale, Holiday Hypermarket and Pizza Hut on 25-year leases dating from 1999. The scheme has an open A1 non-food planning consent a food consent for one of the units. It produces an annual rent of £1.87 million ($3.2 million) at rents of £19.95 ($34) to £23.50 ($40) per sf with rent reviews due in 2004. The net initial yield is 4.43% .

Standard Life was advised by Edgerley Simpson Howe & Partners, and LaSalle Investment Management was advised by Wilkinson Williams.

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.