// Hammerson sells St Oswald’s Retail Park to local authorities for £54m
// The sale is 8% below the current valuation
Hammerson has sold St Oswald’s Retail Park in Gloucester to the local council for £54 million.
The offload of the 225,000sq ft area is eight per cent below the current valuation.
The retail park, which is located to the north of Gloucester city centre, offers a range of bulky goods, retail and leisure space over two terraces.
Flagship tenants include Homesense, B&Q and Wren Kitchens.
The site was first developed by Hammerson in 2005, and the number of units has since increased.
With this deal, Hammerson has achieved £577 million of disposals in 2019, exceeding its minimum disposal target for the financial year.
“Despite a challenging investment market, we are successfully executing disposals in line with our priority to reduce debt and strengthen our balance sheet,” Hammerson chief executive David Atkins said.
“These transactions also give us the flexibility to capitalise on the opportunities we see in the market, particularly with regards to our City Quarters pipeline, which is core to the future direction and success of our business.”