Lumina Real Estate Capital Sells Birmingham Retail Park

March 28, 2014

Cordea Savills, the international property investment management company, has purchased the Stechford Retail Park in Birmingham for an amount in the region of £26 million on behalf of its European Retail Fund (CS ERF) from Lumina Real Estate Capital Special Situations Fund I (LREC SSF1).

The park comprises 100,000 square foot in 11 units in a densely populated suburb three miles east of the centre of Birmingham. It has excellent transport links and 160,000 people live within a 10-minute drive time. This has created a dedicated and established shopper base that uses the park as the ‘town centre’ for the area. The units are leased to a range of retailers offering discount fashion, homewares, pet supplies, electronics, home furnishings and fast food. The scheme recently benefitted from a broadening of the open A1 planning consent to include food retail.

Ian Jones, Director of Investment at Cordea Savills, commented: “Stechford Retail Park has an attractive blend of tenant types and lease lengths, with over 90% of income at a minimum or lower than average risk of failure. There is strong retailer demand for the centre so it can be proactively managed to create further opportunities. It is a valuable addition to our European Retail Fund, which is diversified both regionally and across retail segments, and will complement last year’s acquisitions in Paris, Berlin, and Glasgow.”

Sassan Ahsani, Managing Director of Lumina Real Estate Capital said: “Having acquired Stechford Retail Park in 2011, as part of our asset management strategy we have enhanced the tenant line-up to strengthen the retail park’s overall covenants and drive footfall. Furthermore we broadened the planning consent for the retail park. We have been able to deliver superior returns to investors ahead of time and in excess of our return target.’’

Cordea Savills was advised by Chapman Petrie and Sladen Capital Partners.

 

Latest News

SPECIALIST AUTHORISED REPAIR CENTRE TAKES PORTSMOUTH SHOWROOM

May 29, 2025 - 09:34

Bids Estates, advised by Hellier Langston, has let a showroom and workshop facility on Compass Road, Northarbour Portsmouth to Glenrands Limited, an authorised Jaguar Land Rover repairer. The new faci[...]

+ Read More

ARC Sells Reading Logistics Site to Graftongate and JP Morgan

May 21, 2025 - 11:31

In a significant deal for the Thames Valley Advanced Research Cluster (ARC) owned by global alternative asset manager Brookfield, advised by Haslams Surveyors LLP, has sold Reading International Logis[...]

+ Read More

Span Group in partnership with Pearl and Coutts secures The Traitors: Live Experience for the Arclight, Shorts Gardens, Covent Garden

May 19, 2025 - 11:07

Dynamo Hall set to hold the live playable version of the widely successful TV series The brand-new reality game experience The Traitors: Live Experience (inspired by hit TV series The Traitors), has s[...]

+ Read More

CONTACT

CALL US

+44 (0)20 7647 4420

ADDRESS

25 Westwood Road, Newbury, Berkshire, Newbury, RG14 7TH