Sutton Coldfield retail park acquired in £15.6m off-market deal
Birmingham City Council has purchased a five-acre retail park in Sutton Coldfield for £15.6m.
The off-market deal for Newhall Walk Retail Park is the latest for the council, which is the country’s largest local authority and largest landowner of property in Birmingham.
The 126,333 sq ft site comprises of prime retail units alongside parking provision with strong road, rail and public transport links.
It is home to retailers including Aldi, TK Maxx, TGI Fridays, Waterstones and Vodafone.
The council says the deal aligns with the vision of the Royal Sutton Coldfield Town Centre Masterplan. It aims to evolve and reimagine the town to better meet the needs of residents while appealing to visitors and investors.
Cllr Ian Ward, Leader of Birmingham City Council, said: “Vibrant cities, towns and local centres that deliver a positive experience for people living, working, and visiting them form the backbone of local and national economies.
“Newhall Walk Retail Park is a prime and well-established asset in the heart of Sutton Coldfield, one that can have a strong role in the future of the town as it looks to evolve its offer and attract more locals, visitors and investors.
“As part of the Royal Sutton Coldfield Town Centre Masterplan, our focus will be on building an even stronger destination, including a unique shopping and leisure experience, and this deal will enable us to make progress on achieving this.”
Avison Young acted on behalf of Birmingham City Council on the deal, as part of its ongoing role as strategic advisors to the authority across its commercial property portfolio.
It’s Real Estate Management Services team has been retained to work alongside the Council on asset, property and facilities management.
Damian Lloyd the investment specialist and lead for Birmingham City Council property investment at Avison Young said: “Strategic investment decisions that improve environments and experiences for those that live, work and interact with towns and local centres, as well as cities, are at the heart of Birmingham City Council’s property portfolio and ambitions.
“The acquisition of Newhall Walk Retail Park is a prime example of this in practice, fresh off the approval of the Masterplan and demonstrating pace and purpose in delivering for Sutton Coldfield.
“With wider plans in place, we hope that this is a springboard for further investments, alongside our work to drive value from its existing portfolio.”
Savills acted for the vendor.
