CBRE GI buys Sydenham retail park

CBRE Global Investors, acting on behalf of West Midlands Pension Fund, has acquired Bell Green Retail Park, Sydenham, south London.

Developed by Kier Property, the development arm of Kier Group, the park totals 142,000 sq ft across five retail warehouse units and four light-industrial units, together with a McDonald’s drive-thru. The 9.8-acre site is directly opposite a Sainsbury’s food store. The scheme is let to a mix of national multiple tenants including Pets at Home, Next, Currys/PC World, B&Q, McDonald’s, Plumb Centre and Halfords. The WAULT is 12.3 years.

Russell Taylor, fund manager for West Midlands Pension Fund, said: “Notwithstanding the headwinds that the retail occupational market is experiencing, this retail park stands out as a quality-buy due to the strength of the tenants and their trading performance. There is a reduced retail supply in Greater London and a growing population, which makes this an attractive proposition long-term.”

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