The High Street Wobbles, But Manchester Retail Parks Are OK?
British Land is to test the market for Greater Manchester retail parks, offering Oldham's 240K SF Elk Mill and Denton's 220K SF Crown Point North for sale.
The portfolio — which also includes a Doncaster retail park — is on offer for £200M at an optimistic yield of 6.25%, EG reported.
Marks & Spencer closed their 15K SF outlet at Crown Point North in April.
The sales come as High Street retail is buffetted by further shutterings and CVAs, but also as investors continue to show confidence in retail parks. Last week M&G Real Estate in partnership with West Yorkshire Pension Fund acquired the 190K SF Selly Oak Retail Park in Birmingham for £98M. The park, anchored by Sainsbury's, is due to open in September.
The 36-unit Denton scheme includes TK Maxx, Boots, New Look and Tesco. The 24-unit Oldham scheme is anchored by Asda Living, Next, Argos and JD Sports.
JLL are reported to be advising on the sale.
