Strutt & Parker - Retail Sale - Birmingham, St Andrew's Retail Park

Date: 18 Jul 2002

Strutt & Parker, on behalf of Abacus Developments, the development arm of Sir Robert McAlpine, has sold the freehold of St Andrew's Retail Park in Birmingham to clients of Legal & General for £15.25 million, reflecting an initial yield of 6.7% rising to 7.2% in October 2005.

St Andrew's Retail Park comprises a total of 15,624 sq m (168,185 sq ft). Woolworths plc, trading as Big W occupies 7,432 sq m (80,000 sq ft) on a 20 year lease expiring in 2021 at £1.08 million per annum with a fixed uplift to £1.16 million per annum in October 2005. The park is anchored by a 7,728 sq m (83,185 sq ft) Morrison's Superstore let on a 250 year ground lease.

Strutt & Parker acted for Abacus and Insignia Richard Ellis acted for Legal & General.

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