Equitable Life Assurance Society, via Schroders Property Investment Management Limited, has sold Coliseum Shopping Park, Cheshire Oaks to The Crown Estate for £81 million, reflecting a net initial yield of 5.21%.
Coliseum Shopping Park is one of the largest and most accessible retail destinations in the country and benefits from a full open A1 (including food) planning consent, and is let to tenants including Argos, H&M, Currys.Digital, Mamas & Papas, JD Sports, Boots, Next and Debenhams. Debenhams have signed an Agreement For Lease on the old JJB and Holiday Hypermarket units to form a new 60,000 sq ft department store. They are due to take possession at the end of 2013.
Wilkinson Williams and CBRE advised Schroders and The Crown Estate were represented by Cushman & Wakefield.