Specialist commercial property fund, Orchard Street Investment Management (OSIM), have acquired St George’s Shopping Park in Leicester from Tritax Big Box.
Located 0.5 miles away from Leicester city centre, St George’s Shopping Park comprises 192,695 sq ft of prime retail space across 16 units, housing popular high street names such as Costa, Next, Pets at Home and Aldi. The multi-let shopping park benefits from robust tenant trade and a central location.
The addition of St George’s Shopping Park to the OSIM portfolio strengthens the company’s commitment to investing in high quality products in the UK. The scheme is currently fully let, with exciting plans to continue to evolve the site’s offer.
The purchase of the site is based upon a strategy that follows OSIM’s standards of responsible investing in urban locations. OSIM launched their Impact Fund in 2022, which targets value-add real estate investment opportunities with the potential to generate a measurable social and environmental impact. Specifically, it focuses on decarbonising, investing in local communities and making buildings healthier for those that live and work in them.
OSIM have already identified areas for potential sustainability improvements, such as developing the site’s biodiversity, offering adult skills training, as well as providing social community initiatives such as regular mobile health screening in the on-site car park. £4.2 million has been allocated by OSIM to improve the fabric of the building, allowing for decarbonisation of most of the site.
Barney Rowe, Portfolio Manager of the Impact Fund at OSIM, said, “This is a popular retail park in a favourable location, proven by the calibre of existing tenants and customer footfall. We strongly believe that assets which offer high quality space and boast strong sustainability credentials will command the best rents and values, and this well-located, multi-let asset provides us with numerous opportunities to reposition the estate into a best-in-class retail property.”
The agents involved in the transaction were Park Palace Retail on behalf OSIM and Staunton Whiteman on behalf of Tritax Big Box.
For more details, please contact:-
Paul Wilkinson | 07770 585 313 | paul.wilkinson@parkplaceretail.co.uk