M&G Real Estate snaps up Essex retail park for £53m

M&G Real Estate has purchased the Riverside Retail Park in Chelmsford for £53m.

The Essex retail park, sold by the British Airways Pension Fund, is located close to the city centre and comprises 145,000 sq ft of floorspace.

Its retail tenants include Sports Direct, Tapi Carpets and HomeSense. It is also home to a Nuffield Health gym as well as a Costa Coffee and McDonald’s.

Sections of the retail park were recently refurbished with full-height glazing, which paved the way for a letting to sports retailer Decathlon in spring 2017.

“This latest acquisition fits with our strategy to source high-quality retail assets in towns with strong demographics, where there is a depth of occupier demand and opportunity for active management,” said John Duxbury, head of retail and leisure at M&G Real Estate.

“Riverside Retail Park provides an attractive trading proposition with a strong lifestyle and convenience focus, complementing the improving existing retail offer in the town centre.”

The Riverside deal is one of a number of significant retail park deals that have completed in that past few months.

LondonMetric acquired the Burlington Retail Park in south-west London for £28.3m in August, and in July, Surrey County Council acquired the Malvern Shopping Park in Worcestershire for £74m.

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