Elstar acquires Burton retail asset

The Manchester property company has bought the Middleway Retail & Leisure Park in the Staffordshire town, paying Aviva Investors £11.9m.

Montagu Evans advised the buyer on the purchase from Aviva, which was advised by JLL.

Middleway is a 160,000 sq ft centre, occupying a 14-acre site within Burton-upon-Trent.

Fully let to national covenants including Sports Direct, The Gym Group, Matalan, Cineworld, Nando’s and Mecca Bingo, the big-box park offers more than 700 parking spaces.

Dominic Ball, partner at Montagu Evans, said: “It was a pleasure to acquire this scheme on behalf of our client, Elstar, alongside my colleagues Tim Hayns and Matthew Roberts.

“This park offers a resilient and diverse income profile with asset management options to unlock value, which we look forward to delivering for our client. Thanks also to JLL, who advised the vendor.”