Birmingham-based developer Hortons Estate has sold Cannock Gateway Retail Park in Norton Canes, Staffordshire to Hadi SM Investments, a private investor, for £10.3m.
The retail park includes nearly 38,000 sq ft of retail space and a drive-through, along with an electric vehicle charging station. It is fully leased to tenants including TK Maxx, Costa, Burger King, Sofology, Greggs and MFG EV Power.
The park sits on a 4.4-acre site near Churchbridge Island, next to the M6.
Hortons acquired the land in 2013, and the retail park was constructed two years later.
Harry Young, asset manager at Hortons, said: “Our development of Cannock Gateway Retail Park has delivered a high-quality retail and leisure experience that has greatly supported the local economy. Its disposal releases capital to redeploy into some exciting projects within Hortons’ portfolio, as well as some potential acquisitions.”
Atlas Real Estate acted for Hortons; Parker & Co acted for the purchaser.
Photo from Atlas Real Estate
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