HMV, Oasis, Suits You, JJB Sports and Dixons are the latest High Street retailers to secure units at the out-of-town Fort shopping park, between Junctions 5 and 6 of the M6, Birmingham.
Tarmac Richardson is not revealing the rents that have been achieved on these deals, but says that previous rents ranged from £161 per sq m (£15 per sq ft) to £269 per sq m (£25 per sq ft). “Demand is such that even higher figures are now being achieved, ” a spokesperson said. The two remaining units have yet to be put on the market.
The 24,154 sq m (260,000 sq ft) park comprises 26 units. Tenants include Bhs, W H Smith, Boots and Wallis. Fort Shopping Park was purchased for around £90m by Clerical Medical and AMP Asset Management on behalf of Pearl Assurance and British Airways Pension Fund. The sale price reflected an equivalent yield of 6.25%.
Colliers Erdman Lewis is sole letting agent for the two remaining units.
EGi News 08/10/96
