Fri, 04 Nov 2016 | COMMERCIAL PROPERTY
A Kidderminster retail park owned by a company chaired by former Dragons’ Den star James Caan is on the market for £46 million.
Crossley Retail Park, a 206,355 square foot site with 12 retail units, was acquired by real estate house 90 North for £41.5 million in December 2013.
According to the Kidderminster Shuttle, 90 North regard the retail park as a success story but now feel it’s the right time to sell.
Crossley is home to household names including Halfords, Costa, Pets at Home and Currys PC World. There is a large carpark at the site and it also neighbours a Sainsbury’s supermarket and petrol station.
A spokesman for Staunton Whiteman, which is managing the sale, told the Kidderminster Shuttle: “90 North are asset managers. They purchase sites, make improvements to them and then sell them on. This is just normal business practice for them.
“The present tenants are happy and many have already indicated that they are very happy to stay on and extend their leases.
“It is a popular retail park and would represent a 6.6 per cent yield on the purchase price which represents a very good purchase.
“This is a success story as far as 90 North is concerned and, after three years, they see it as a good time to sell it.”
Mark Garnier, MP for Wyre Forest, told the newspaper a quick sale of the park would be a sign of growing confidence in Kidderminster.
"This is interesting,” he said. “Some people might be surprised at the timing as in central London, property value has come down and people are reluctant to buy due to the uncertainty of Brexit.
“But I don’t think that’s significant here and opportunities in places such as Kidderminster are probably seen as a more stable investment.
“Making a 10 per cent profit in just three years would not be a bad thing. If they can sell quickly and for a profit, it would show there is great confidence in Kidderminster.”
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