Staffordshire retail park sold to British Land for over £27m

Orbital Retail Park in Cannock has been sold to British Land for £27.6m.

British Land will now manage the 123,215 sq ft retail park, which comprises 11 stores across two terraces.

The property firm is also in discussions with a retailer to take over the current Homebase unit.

Units are leased to a mix of national retailers, with recent lettings including Tapi and Flooring Superstore, while Aldi and Pure Gym have also recently joined.

Tapi took 10,000 sq ft, and Flooring Superstore leased 4,000 sq ft. Other tenants include M&S Foodhall, Boots and Pets at Home.

The park’s rental value has increased from £17 psf to £20 psf, as demonstrated by Tapi’s recent lease.

Kelly Cleveland, head of real estate and investment at British Land, said: “This latest acquisition further solidifies our market-leading position in retail parks as we continue to deliver on our strategy of recycling capital into this sub-sector.

“Retail parks remain the preferred physical retail format for an increasing number of retailers due to their affordability, adaptability and accessibility. We are nearly fully let across our parks portfolio and continue to see strong competition for this type of space.”
Clearbell was advised by KLM Real Estate, while British Land was advised by Morgan Williams.

The deal was completed by Clearbell Property Partners III LP, a fund managed by Clearbell Capital LLP.

Toby Saul, asset management director at Clearbell, said: “Over the last four years of ownership, we have worked to continuously improve the tenant mix at Orbital. Through this active asset management strategy, we have been able to secure several strong new tenants, including anchor tenant Aldi, that have seen footfall increase consistently. We are very pleased to have been able to sell to British Land who have the experience and expertise to take the scheme forward.”