Church Commissioners acquires Wakefield retail park

Fiera Real Estate UK has sold the 200,000 sq ft Beck Retail Park to the Church Commissioners for England for an undisclosed sum.

The largest retail destination in Wakefield, the park has eight fully let retail units, anchored by Sainsbury’s.

Charlotte Moss, Head of London at Church Commissioners for England, said: “Beck Retail Park is a high-quality asset that complements our existing portfolio and offers attractive opportunities for long-term value creation through active management.”

Alongside Sainsbury’s, tenants include Home Bargains, Matalan, The Range and B&M. The average remaining lease length is more than nine years.

Anne-Marie Keane, fund manager at Fiera, said: “Beck Retail Park has been a successful investment for the fund, benefiting from its dominant position within the Wakefield retail market and a strong occupier base.

“Following a period of focused asset management, we are delighted to have achieved a positive outcome for our investors and to transfer ownership to the Church Commissioners, a long-term investor well placed to build on the asset’s strong fundamentals.”

Colliers advised the Church Commissioners on the acquisition and have been appointed as the new property managers for the asset.