Battery retail park in Birmingham sold for £57.5m
Hammerson has sold the Battery retail park, Birmingham, to NFU Mutual for £57.5m. The retail park, covering a total of 135,000 sq ft, is located in Selly Oak, south west of Birmingham city centre. The sale price represents a net initial yield of 6 per cent.
Battery retail park has benefitted from a proactive asset management strategy which reconfigured the park and implemented a more diverse tenant mix. The tenant line-up now caters to both homeware and fashion demand with brands including Next, TK Maxx, Homebase, Sports Direct and Halfords.
Hammerson CEO David Atkins said: “We have successfully reconfigured Battery retail park and improved the retail mix. There continues to be good investor demand for relevant retail destinations with solid brands and modern retailer units. This transaction is in line with our ongoing disposal strategy which saw the business achieve more than £400m of disposals in 2017, and provides the opportunity to invest in our development and premium outlet sectors.”