Birstall shopping park near Leeds has been offered for sale for £133m.
It is the largest out-of-town scheme to be brought to the market since Fosse Park in 2010.
British Land-managed Hercules Unit Trust, Aviva Investors and Hermes Real Estate are marketing the 192,000 sq ft park for a 5.5% yield.
Major retailers on the park, where rents range from £25 to £55 per sq ft, include Marks & Spencer, Topshop’s out-of-town format Outfit, River Island, Boots and Sports Direct. Fashion retailer Next recently upsized to a 50,000 sq ft store.
It is believed the retail park has not had a vacancy in the 10 years since it opened.
Chris Taylor, chief executive of Hermes Real Estate, said: “This is consistent with our UK strategy of seeking to reduce our exposure to indirect holdings.
“Instead, we will seek to redeploy capital to acquire those assets which can benefit from applying our asset management capabilities. This is consistent with our bottom-up approach to stock selection and asset management focus.”
Some sources said that the lot size of Birstall means that it is likely to attract overseas investors, such as those from Germany and Canada. However, a syndicate of domestic buyers cannot be ruled out.
One source said: “It’s a pin-up bit of kit but there is no liquidity in the market. The biggest cheque the domestic buyer could write is for £75m. There are no obvious relationships already formed among domestic buyers, so it is not altogether straightforward.”
Fosse Park was brought to the market for £360m – a 5.3% yield – by its Irish owners. However, a sale was never agreed.
CBRE is advising on the sale.
British Land, CBRE and Aviva declined to comment.
annabel.dixon@estatesgazette.com
