Nov 25, 2022
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Midlands shopping centres acquired, improvements planned

Nov 25, 2022

It’s always goods news when we hear about landlords wanting to improve their shopping centre properties and that’s just what’s happening following a sale.

Corby Town Centre - Image: Sovereign Centros

Two Midlands shopping centres have been sold to Northdale Asset Management and US investor Magnetar Capital for £76 million.

The joint venture partnership has acquired the One Stop retail park in Birmingham and Corby Town Centre mall with plans to develop both. Sovereign Centros will continue to manage both for the new owners.

And both have some big name tenants that are also likely to be happy about any upgrades.

Perry Barr-based One Stop has 80 units spread over 380,000 sq ft alongside 1,200 car parking spaces. The retail park is home to names such as Asda, JD Sports, Nike and Boots. The park was actually updated ahead of the 2022 Commonwealth Games. 

In Northamptonshire, Corby Town Centre’s 700,000 sq ft mall attracts around seven million people each year, with its 150 units anchored by Primark, H&M and TK Maxx. A retail park is also on the site alongside 750 parking spaces. 

Jon Taylor, a partner at Northdale Asset Management, told The BusinessDesk: “These centres offer great potential with a strong rental profile, sharp focus on community and sizeable, loyal customer bases.

“We are keen to improve the assets with lettings and re-gears already in hand. Population growth in Corby is compelling and the recent infrastructure improvements at Perry Barr have helped enhance the appeal of both assets from an investment perspective.”

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