Aviva Investors has acquired Brunel Retail Park in Reading from Mayfair Capital.
The park, which has six modern retail units and including two restaurants, has a total of more than 117,000 sq ft of lettable space, with units ranging from 1,009 sq ft to 35,500 sq ft.
It is currently home to a number of household names including Halfords, Pets at Home, B&M, Home Bargains, Dreams, and will house The Range once work to combine a number of units has completed. The Range, is currently at Reading Station Shopping Park in Vastern Road. However, Aviva Investors, its new landlord at Brunel Retail Park, won planning permission to redevelop that site last month.
Brunel Retail Park, spread over 8.3 acres, was awarded planning permission to be redeveloped for warehouse space in July 2021, before the out-of-town retail market improved.
James Stevens, head of real estate investment for Aviva Investors, said: “Brunel Retail Park is another example of our ability to make strategic purchases of assets that have faced sharp repricing over the last 18 months. With units let to well-established retail tenants with strong covenants, it is a prime retail park in an attractive micro-location.
“We believe it provides good tenant diversification and spreads income risk, all of which should help to provide long-term performance in our portfolio.”
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