Shirley Advance retreats from Parkgate
Published: 25 November, 2016
Parkgate Shirley, near Solihull sold to Moorgarth Group
Shirley Advance, the joint venture between Helical Retail and Coltham Developments, has sold the Parkgate shopping centre in Shirley, near Solihull to a fund managed by Moorgarth Group for £16m, representing a yield of 7.35 per cent.
The 195,000-sq ft scheme, which is anchored by Asda on a long leasehold, opened in May 2014 and is fully let with retail occupiers including B&M, Peacocks, Shoe Zone, Poundland and Wed2B as well as leisure operators including The Gym, Loungers, Prezzo, Pizza Express, Coffee #1 and JD Wetherspoon.
Tim Vaughan of Moorgarth said: “It’s another great acquisition for us with good long-term income yet with plenty of medium-term opportunity to enhance the scheme still further.”
Cushman & Wakefield acted for Shirley Advance and Knight Frank represented Moorgarth.