Consolidated Property Group (CPG) has acquired Bristol-based Eastgate Retail Park in a deal worth £52 million.
The 115,000 sq ft shopping hub, which is home to a number of leading retailers such as Next, Asda Living and Boots, is the latest addition to CPG‘s burgeoning retail park portfolio which includes properties in Chester, Malvern, Exeter and Macclesfield.
Law firm Gateley‘s Manchester team, led by Partner in the firm Dean Copley, advised the property group on the transaction.
“We are delighted to have advised Consolidated Property Group in what is a significant purchase for the company,” Copley explained.
“Bristol is the commercial centre of the south west and the Eastgate Retail Park is an important part of the local retail landscape.”
On completing the deal, Chairman and Managing Director at CPG Stuart Dawson explained that the purchase was part of his business‘ strategy of opening “A1 retail parks”.
“Eastgate is in a prime location, adjoining Ikea and Tesco, and is immediately off junction two of the M32 and only three miles north of the city centre – as such, it is a major destination,” he remarked.
Other retailers residing at Eastgate include furniture and fashion specialist Laura Ashley, struggling baby & maternity wear company Mothercare and high end baby products retailer Mamas & Papas.