Waterside Retail Park in Ilkeston has been bought back by the company that sold it six years ago, in a deal worth just under £11.8 million.
Nuveen has reacquired the Station Road shopping park, according to a report published by property publication Estates Gazette on 19 October.
The park was put on the market earlier this year with an asking price of £11.75 million. Nuveen previously owned the site before selling it in 2020.
Part of US financial services group TIAA, Nuveen manages investments worldwide, with a commercial property business operating through Nuveen Real Estate.
Waterside’s shops include M&S Foodhall, Iceland, Argos, Halfords, Poundland, Poundstretcher and Jollyes. The site covers approximately 6.5 acres, with around 68,000 sq ft of retail space.
Sales documents described the park as fully occupied and generating annual rent of almost £972,000. Rosebury Real Estate was appointed to market the property.
The sale comes after marketing material highlighted scope for further development, including drive-through restaurants, electric vehicle charging facilities and the potential for a new retail unit beside Poundland.
As Ilkeston News reported on 31 August, the brochure said an unnamed discount food retailer had offered to lease a proposed 21,650 sq ft unit for 25 years.
Those options were presented to prospective buyers and did not amount to confirmed development plans. Any scheme would require the relevant agreements and, where necessary, planning permission.
The documents also pointed to commitments from existing retailers, with Argos and Poundstretcher agreeing leases running until 2030 and M&S holding a lease extending to September that year.
No plans for changes to the park have been confirmed in connection with Nuveen’s reported purchase.