Bromsgrove retail park sold for £7.5m

A NEW retail park in Worcestershire has been sold by developer Chase Commercial for £7.5m.

Reflecting the growing strength of the local property investment market, Brook Retail Park in Bromsgrove, developed recently by Chase Commercial on the site of the former Barpro factory, has been acquired by IPT Property Holdings.

Retailers Homebase and Pets at Home have already moved onto the scheme, creating a total of 74 jobs.

West Bromwich-based Anglo Holt Construction completed the build, which comprises units of 25,000 sq ft and 9,000 sq ft as well as parking for 161 cars.

Tim Haslam, director at Chase Commercial, said: “The development of Brook Retail Park went very smoothly indeed and we are very pleased to announce that the site has now been sold to IPT Property Holdings Ltd.

“The units were both pre-let to Homebase and Pets at Home as the site is ideal for an out of town retail park and we understand that both are enjoying brisk trading in a convenient and attractive location.”

Chase Commercial worked with the Environment Agency to create a programme of environmental improvements and landscaping, which included the quality and appearance of the brook and reshaping the river course.

The building project was funded by a £4.5m investment and development loan from the Royal Bank of Scotland (RBS).

Harris Lamb acted as selling agent for Chase Commercial.