Hagley Road Retail Park in Quinton, Birmingham, has changed hands in a £5 million deal.
Hortons’ Estate Limited has sold the retail park to Central England Co-Operative Ltd.
Developed by Hortons’ in 2011, Hagley Road Retail Park comprises five units, totaling 17,868 sq ft. Occupiers include American Golf, Barnardo’s, Co-Operative Group Food, Pets at Home, and Vets4Pets.
Richard Norgrove, property director at Hortons’ Estate, said:
The deal demonstrates that confidence is returning to the commercial property market post-Brexit and that for well let, strong performing property assets there is still demand from investors.
The sale of Hagley Road Retail Park is part of our ongoing strategy of recycling capital to enable us to invest in other opportunities.
Christian Gregory, estates manager at Central England Co-operative, said:
We are delighted to have acquired this investment, which illustrates the society’s desire to invest in high quality properties, let to strong tenants in great locations, which provide secure income for the Society.
Property agents Jones Lang LaSalle and solicitors Emms Gilmore Liberson advised Hortons’ Estate on the sale. Shoosmiths (Nottingham) and Colliers International (Birmingham) acted on behalf of Central England Co-Operative.