Big business
Two of Lancashire's biggest retail parks have been taken under new ownership in multi-million pound deals.
Both Deepdale Retail Park and the Capitol Centre in Walton-le-Dale saw their ownership change hands in deals led by British Land, one of the largest property investment firms in the UK. The Capitol Centre is one of three such retail parks bought by the London-based firm in the four months. The huge shopping and leisure facility, just off the A6, hosts a range of shops including a recently opened Home Bargains and a Next store alongside a Vue Cinema, a gym and outlets including McDonald's and Subway. It was snapped up by British Land for a deal worth £51.5m.In the same period, the firm also sold its 50% share in Deepdale Retail Park for £30.3m.
Kelly Cleveland, the head of strategy and investment at British Land, said in a release: “With retailers increasingly focused on the role of their stores, retail parks have emerged as a preferred format, due to their compatibility with omni-channel retail, their affordability and appeal to online resilient businesses. This is driving good occupational demand across the portfolio reflected in our 97 percent occupancy and growing estimated rental values .
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