Lunson Mitchenall has advised Northdale Asset Management and Magnetar Capital on the purchase of Corby Town Centre and One Stop Shopping, Birmingham. The retail hubs were sold for a collective £76 million. Both centres are dominant local retail staples with a strong emphasis on community use.
“These centres offer great potential with a strong rental profile, sharp focus on community and sizable, loyal customer bases,” said Northdale Partner Jon Taylor. “We are keen to improve the assets with lettings and regears already in hand. Population growth in Corby is compelling and the recent infrastructure improvements at Perry Barr have helped enhance the appeal of both assets from an investment perspective.”
Corby Town Centre is 700,000 square feet, covers 25 acres, has an annual footfall of 7 million and houses 150 units including retailers Primark, Boots, JD and TK Maxx. It also boasts 750 surface parking spaces and an open-air setting along with a retail park home to Argos and Home Bargains.
One Stop in Perry Barr, just three miles north of Birmingham City Centre, is an established hybrid retail park and shopping centre. Spanning 380,000 square feet with 80 units and 1,200 free surface parking spaces, One Stop delivers convenient retail and food and beverage options such as Asda, Boots, Home Bargains, Sports Direct, The Gym, Nandos, Costa and KFC, as well as outlet operations from Nike and M&S and local specialist operators.
“Following Northdale and Magnetar’s acquisition of Yate Shopping Centre in February, Lunson Mitchenall worked to strategically source targeted investment opportunities for Northdale and Magnetar that provided an emphasis on community, a strong value offering and direction over the local shopping environment,” adds Lunson Mitchenall’s Joint Managing Director John Griffin, who advised on the purchase. “We look forward to exploring future opportunities with Northdale and Magnetar in this sector.”
JLL represented the vendors on Corby. Sovereign Centros will be retained to manage both assets for the new owners.