Sainsbury’s completes sale of 34,332 sq ft district centre

Sainbury’s has completed the sale of a 34,332 sq ft retail park in Leeds to investor and asset manager, M7 Real Estate Investment Partners VIII Propco.

Moor Allerton District Centre is located in north Leeds, adjacent to Sainsbury’s Moor Allerton supermarket.

The park was refurbished by Sainsbury’s in 2014, with the majority of the units subsequently re-let.

Over 71% of Moor Allerton District Centre’s income is now secured against national occupiers – including Argos, Laura Ashley, Habitat, Anytime Fitness, Costa Coffee and Subway.

Will Hunting, senior acquisitions manager at M7 Real Estate, said: “We are pleased to have acquired the asset on behalf of M7 REIP VIII. It is accretive to the fund and continues the strategy of acquiring diversified, defensive income streams whilst also providing opportunity to drive value via pro-active asset management.”

Greg Styles, head of retail development at Colliers International, added: “We were able to cultivate an outstanding tenant mix that ensured Moor Allerton District Centre would be regarded by investors as a highly sought-after asset once brought to market.”

Tom Edson, director of retail capital markets at Colliers International, also said: “This deal proves that high-quality, smaller retail centres close to large food stores still have a strong appeal among investors.”

Colliers International’s Retail Development and Retail Capital Markets teams advised Sainsbury’s. Avison Young advised M7 Real Estate.