Hortons has completed the sale of an out-of-town retail scheme in Staffordshire.
The independent property company has sold Cannock Gateway Retail Park in Norton Canes to a private investor for £10.25 million, in an open market transaction.
The estate comprises almost 38,000 sq ft of retail and purpose-built drive thru accommodation, and an electric vehicle charging station. It is fully let to occupiers including TK Maxx, Costa, Burger King, Sofology, Greggs and MFG EV Power.
Cannock Gateway Retail Park lies on a 4.4-acre site off Churchbridge Island, adjacent to the M6 Toll. The site was acquired by Hortons in 2013 and the retail park was built two years later, regenerating an area that had been undeveloped for more than three decades.
Harry Young of Hortons, said: “Our development of Cannock Gateway Retail Park has delivered a high-quality retail and leisure experience that has greatly supported the local economy. Its disposal releases capital to re-deploy into some exciting projects within Hortons’ portfolio, as well as some potential acquisitions.”
Hortons was represented by Andrew Franck-Steier of Atlas Real Estate and James Madill of Gateley Legal. Roger Parker of Parker & Co acted for the purchaser.