Kidderminster retail park up for sale for £46m

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.”

Find a retail business for sale.


Share this article



Latest Businesses for Sale

Independent National Telecommunications Service Provider
UK Wide

Specialises in providing a range of reliable telecoms system maintenance and repair solutions, as well as expert telephony consultancy and full multi-site projects. Offers invited.

Asking Price: Offers Invited
Turnover: £540,000

RELOCATABLE


Electrical Compliance Specialist
South East, UK

Specialises in providing a comprehensive range of electrical compliance solutions for blue-chip clients located across the UK. Offers invited.

Asking Price: Offers Invited
Turnover: £3,000,000

LEASEHOLD


Varied Insulated Wire & Cable Products Manufacturer
UK Wide

Designs, develops and manufactures a broad range of cable solutions based on a diverse process capability that enables the company to provide cost effective, quality cabling solutions across various market sectors. Offers invited.

Asking Price: Offers Invited
Turnover: £1,450,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
19
 
Feb
 

Pharmaceutical manufacturer enters administration | ADMINISTRATION

A pharmaceutical manufacturing company based in Bristol has ...

 
16
 
Feb
 
 
16
 
Feb
 

Historic hotel put up on the market | BUSINESS SALE

A historic hotel located in Haltwhistle, Northumberland has ...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources