Spanning 123,215 sq ft of retail space across 11 stores in two terraces, the retail park is ideally positioned close to the major M6 Toll road, A460 and popular West Midlands Designer Outlet. It is also adjacent to a Sainsburys superstore and the Gateway Retail Park, providing strong levels of regular footfall.

It is let to a diverse mix of national retailers following a period of active asset management from Clearbell. Most recently, the firm agreed two new lettings to Tapi and Flooring Superstore, while other recent entrants to the park include leading discount supermarket, Aldi and value health club, Pure Gym. M&S Foodhall, Boots and Pets at Home are also key tenants of the scheme. Flooring specialists, Tapi, agreed to lease 10,000 sq ft, while Flooring Superstore has taken c.4,000 sq ft.

The rental value at the Park has recently increased from £17 psf to £20 psf, demonstrated by the final letting to Tapi during Clearbell’s ownership.

British Land are taking forward the asset management of the scheme and are in advanced discussions with a top national multiple to have a new flagship unit in the current Homebase store. This will further drive rental tone and footfall.

Over the last four years of ownership, we have worked to continuously improve the tenant mix at Orbital. Through this active asset management strategy, we have been able to secure several strong new tenants, including anchor tenant Aldi, that has seen footfall increase consistently. We are very pleased to have been able to sell to British Land who have the experience and expertise to take the scheme forward.”

Toby Saul, Asset Management Director at Clearbell

This latest acquisition further solidifies our market leading position in retail parks as we continue to deliver on our strategy of recycling capital into this sub-sector. Retail parks remain the preferred physical retail format for an increasing number of retailers due to their affordability, adaptability and accessibility. We are nearly fully let across our parks portfolio and continue to see strong competition for this type of space.”

Kelly Cleveland, Head of Real Estate and Investment at British Land

Clearbell was advised by KLM Real Estate, while British Land was advised by Morgan Williams.