90 North Real Estate Partners has advised a Middle Eastern investor represented by Dubai based Arzan Wealth on the purchase of Crossley Retail Park, Kidderminster.
Situated in the town centre, the property comprises a total of 12 units (approximately 205,000 sq ft) let to well-known tenants including Currys PCWorld, Halfords, Pets at Home, The Range, Staples and Maplin Electronics.
The property, purchased for GBP41,500,000 (net initial yield of 7.3 per cent) is the first retail park acquisition advised by 90 North, for which there is growing interest amongst 90 North’s Middle East investors.
Bank financing for the acquisition was provided by Aareal Bank.
90 North and its client was represented by Wilkinson Williams. The vendor, Chester Properties, was advised by HP4.
Nicholas Judd, founder partner of 90 North, says: “Crossley Retail Park is an example of a typical out of town property, but located in the town centre. The investment platform we manage in partnership with Arzan Wealth has now acquired approximately GBP110,000,000 of property and we are seeking further substantial acquisitions across a range of real estate sectors for 2014.”