St Modwen have sold the 220,000 sq ft Longbridge Shopping Park in Birmingham to Columbia Threadneedle Investments for £53.6 million, reflecting a 6% initial yield.
The shopping park, completed in 2015, includes a 150,000 sq ft Marks & Spencer, with further units let to a range of occupiers, including Smyths Toys, Boots, Poundland, Mountain Warehouse, Holland & Barrett, Carphone Warehouse and Specsavers. There is a WAULT of over 12 years.
The shopping park forms part of St Modwen's successful £1 billion Longbridge regeneration project. This flagship long-term scheme is currently approximately 50% developed, and the company will now focus on bringing forward the significant development opportunities that remain on the 468-acre site.
Cushman & Wakefield acted for St Modwen and their buyers were advised by Wilkinson Williams.
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