West Mids retail deals given £185m pricetag
Investment into the West Midlands' retail sector totalled £185m in the second quarter of 2011, according to property agent DTZ.
DTZ 'Research’s Retail Investment' market report said the level of investment in the sector was 'significantly higher' than the comparable 2010 period.
Key transactions in the three months included Orchard Street Investment Management’s £33m purchase of Three Spires Shopping Centre in Lichfield and LaSalle Investment Management’s £16m acquisition of the Caxtongate Phase Two High Street scheme on New Street, Birmingham.
James Bladon, associate director at DTZ in Birmingham, said: "In the West Midlands, the retail investment market followed the national trends in Q2 2011. Investor demand has been very much focussed on prime assets with retailers concentrating on prime retail locations/units due to the pressure from reduced consumer spending and online competition.
"Similarly, UK institutions have been the most active type of investor across all three retail sub-sectors in the region."
He added that looking forward, it was likely that activity would remain strong in the third quarter of 2011, citing the £150m pricetag currently placed on the Kingfisher Shopping Centre in Redditch as an example.
