Law firm leads on acquisition of £28m retail site
Manchester law firm Pannone Corporate has advised on a key £28m property acquisition.
It advised Palmbest, the investment property division of the Bestway Group of companies, on the acquisition of the 50,500 sq ft site on the Edgware Road, London.
With tenants including Decathlon, Wren Kitchens, Bensons, Argos and HomeSense, the high footfall out-of-town retail scheme is adjacent to the entrance of the future Brent Cross West Thameslink Station.
The Bestway Group is a multinational group of companies which is also the owner of the adjoining four-acre site.
Real estate associate partner, Gareth Birch, represented the seller and led the deal.
He said: “Palmbest is a strong property business with big growth ambitions.
“We take a commercial approach to any transaction we’re involved with and in this instance, we were able to lead the acquisition negotiations, as well as handling the legal aspects against a very demanding timeline.
“The deal is a great result for everyone involved.”
Zahir Fazaldin, head of property at Bestway, said: “The sentiment around retail parks is positive, and Staples Corner is home to some high profile and long established tenant companies that have traded relatively well throughout what has been a very challenging year.
“The location and connectivity of this site, together with its strategic value, made this a compelling acquisition for us.”
KLM Retail completed the marketing and sale for the vendors.
KLM Retail’s Jonathan Perkins said: “The scheme attracted numerous investors and developers, not only due to its reputation as an iconic retailing destination, but also due to the potential future residential value of the site given its close proximity to the new Thameslink station opening next door in 2022.
“This asset is a good example of the resilience and agility of the retail warehousing sector given the continued strong trading performances of the stores, the flexibility for the retailers to use their stores for online fulfilment, and the adaptability of the buildings in the future should other more valuable uses present themselves.”