Property group British Land has sold the Beehive Centre, a retail centre comprising 16 units including an Asda supermarket, to Orchard Street Investment Management.
Orchard Street has paid £109.2m for the asset, which reflects a net initial yield of 5.25%.
The 238,000 square foot part (sq ft) open consented retail scheme was acquired by British Land in 1998, and is fully let at an average rent of £25 per sq ft with an average lease length of 14 years.
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The park's entire original tenant line up was completely replaced during British Land's ownership.
JH
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