Clearbell completes 270,000 sq ft retail warehousing transactions
Sale of over 150,000 sq ft in Christchurch, Bolton & Ellesmere Port and acquisition of 120,000 sq ft in Cannock, Staffordshire
Clearbell Property Partners II LP, today announces the sale of three retail warehouses from its Amber portfolio to M7 for a combined price of £19.35m.
The assets total over 150,000 sq ft and are located in Christchurch, Bolton and Ellesmere Port. They have been sold fully let to M7.
Since purchasing the assets, a number of lease re-gears and aesthetic improvements to the properties have been completed. The Amber portfolio now comprises 8 assets of the original 29.
Clearbell Property Partners III LP announces the acquisition of Orbital retail park in Cannock, Staffordshire from M&G Real Estate for £14.75m/at a yield of 11.8%. The asset has been acquired fully let, with plans to carry out refurbishments to the assets over the coming months.
The retail park is ideally located at a main junction in Cannock, within reach of the M6.
Rob Mills, Partner at Clearbell Capital, said:
“The sale of Christchurch, Bolton and Ellesmere Port demonstrate the continued demand for retail warehouse assets that are well-let and offer sensible rents in desirable locations.
Due to the resilience of the sector, we believe that the tenants at Cannock will trade strongly from the retail warehouse in this location in the future despite the uncertainty around rent collection for many landlords caused by the pandemic.”
Clearbell Property Partners II LP and Clearbell Property Partners III LP are both funds managed by Clearbell Capital LLP.