Shopping Centres

Birmingham’s Selly Oak Shopping Park acquired by investors for £94m

Selly Oak Shopping Park in Birmingham, home to a Sainsbury’s, Marks & Spencer, Nando’s and Superdrug, has been sold to a real estate investor for £94m.

The Harvest Partnership, formed by Landsec and Sainsbury’s, sold the property to M&G Real Estate and Landsec, which will obtain 50% of the proceeds.

The partnership sold the shopping park after offloading the adjacent student accommodation unit for £37m to trade union Unite in September last year.

The head of retail development in Landsec, Andrew Dudley, said: “This is a clear example of Landsec working with a respected partner to deliver the right product at the right time. The scheme has seen strong demand for retail space and will offer a high-quality mix of brands for local consumers.

“Having de-risked the scheme with a 91% pre-let, this sale enables us to crystallise value on this development.”

Both projects will be under Development Management Agreements and will develop canal enabling works, highways improvements and a new public realm, according to a Landsec’s announcement.

The former shopping park and the student accommodation unit are expected to be completed by autumn 2018 and summer 2019, respectively.

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