Two Midlands shopping centres, One Stop retail park in Birmingham and Corby Town Centre mall, have been purchased by Northdale Asset Management and US investor Magnetar Capital for a total of £76 million. This strategic partnership aims to enhance and develop both properties, with Sovereign Centros continuing to oversee management on behalf of the new owners.

The One Stop retail park, located in Perry Barr, boasts 80 units spread across an impressive 380,000 square feet, along with ample parking space for 1,200 cars. Notable tenants include popular brands such as Asda, JD Sports, Nike, and Boots. The retail park was recently renovated in anticipation of the 2022 Commonwealth Games, which will bring increased footfall and opportunity for growth.

Corby Town Centre in Northamptonshire is a flourishing mall that spans a vast 700,000 square feet and attracts approximately seven million visitors annually. The centre features 150 units, with anchor tenants like Primark, H&M, and TK Maxx. In addition to the mall, the site also includes a retail park and 750 parking spaces, providing convenience for shoppers.

Optimism surrounds the potential of these shopping centres, with Jon Taylor, a partner at Northdale Asset Management, highlighting their strong rental profile, focus on community, and substantial customer bases. The new owners are committed to enhancing these properties through initiatives such as lease agreements and re-negotiations.

Corby’s population growth and recent infrastructure enhancements in Perry Barr further add to the appeal of these assets from an investment perspective. The new owners are keen to leverage these positive factors and maximize the potential of the shopping centres. The acquisition of these Midlands properties has generated anticipation for upgrades and improvements that will benefit both the landlords and the prominent tenants at these locations.

Useful links:
One Stop retail park
Corby Town Centre mall