Harvest Partnership sells Selly Oak shopping park to M&G Real Estate
The Harvest Partnership, a joint venture between Landsec and Sainsbury’s, has forward sold Selly Oak Shopping Park to M&G Real Estate for £94m. The 190,000-sq ft scheme is 91 per cent pre-let to retailers including Sainsbury’s, Marks & Spencer, Nando’s and Superdrug.
Landsec will develop the site under a development management agreement and will exit the scheme upon practical completion. The retail scheme is due to reach practical completion in summer 2019.
Landsec’s head of retail development, Andrew Dudley, said: “This is a clear example of Landsec working with a respected partner to deliver the right product at the right time. The scheme has seen strong demand for retail space and will offer a high-quality mix of brands for local consumers. Having de-risked the scheme, this sale enables us to crystallise value on this development.”