Selly Oak Shopping Park sold ahead of September opening
A new shopping destination opening in September in Birmingham has been sold for a headline price of £94 million. M&G Real Estate purchased Selly Oak Shopping Park from the Harvest Partnership just months before its official opening.
The 190,000-square-foot scheme is 91% pre-let to retailers including Marks & Spencer, JD Sports, Next, Superdrug, Sainsbury’s and Wilko. Work on the scheme started in August 2017 and includes 13 units covering 70,000 square feet.
Together with the nearby Battery Retail Park, which is home to TK Maxx, Sports Direct and Shoe Zone, the project will deliver a brand new shopping destination in South West Birmingham.
Andrew Dudley, Head of Retail Development, Landsec said: “The scheme has seen strong demand for retail space and will offer a high-quality mix of brands for local consumers. Having de-risked the scheme with a 91% pre-let, this sale enables us to crystallise value on this development.”
The wider regeneration project also includes a 418-bedroom student accommodation that was been by The Harvest Partnership to Unite in September 2017 for £37 million.
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