British Land (BL) has announced the sale of over 65,030 sq m (700,000 sq ft) of property, a mix of commercial and retail schemes across the UK, for £125m.
In Birmingham, BL has sold the freehold of the 29,700 sq m (265,000 sq ft) Temple Court, close to Colmore Circus, for £42m to an unknown buyer.
The scheme comprises offices let to PricewaterhouseCooper for another 13.25 years and a 9-unit retail arcade. Collingwood Rigby acted for British Land while Blandford Goldsmith advised the buyer.
BL has also completed the sale of its 5,388 sq m (58,000 sq ft) Kingsthorpe Shopping Centre in Nottingham for £5.5m to Northampton-based Thurleigh Estates. Insignia Richard Ellis advised BL while Lambert Smith Hampton represented Thurleigh.
Two other retail centres have also been sold by British Land joint ventures. BL Universal PLC, a joint venture between British Land and GUS, advised by Colliers CRE and NAI Gooch Webster, has sold its 27,400 sq m (295,000 sq ft) Connswater Shopping Centre and Retail Park in Belfast. The 64 unit scheme was bought for £47.3m by Killultagh Estates.
The Tesco British Land Property Partnership has contracted to sell its Bow Street Shopping Mall to a private Irish investor for £30.4m. The centre provides over 10,300 sq m (111,000 sq ft) of retail space within Lisburn town. Colliers CRE advised the Partnership and the purchaser was advised by McKibbin Commercial.
EGi News 10/10/01
