Thu, 09 Jul 2015 | COMMERCIAL PROPERTY
A large retail centre in Ashton-under-Lyne is for sale with the agents predicting a significant level of interest from potential investors due to the potential of the centre.
Arcades Shopping Centre is the mall in question and the business is for sale for £24.25 million.
It houses a total of 45 units which are spread across two floors of open shopping space. These units are occupied by major high street retailers including New Look, Next and WHSmith.
Investment director at Savills, Mark Garmon-Jones, has been appointed to handle the sale by Grant Thornton. He said that the guide price will deliver a net initial yield of nine per cent, with the retail centre expected to generate annual rental income of around £2.9 million.
Mr Garmon-Jones commented on the opportunity: “With a strong tenant mix and numerous opportunities to increase long term income through asset management, we are confident this shopping centre investment will have wide appeal.”
In total the retail centre provides 138,691 square foot of retail space. It was first opened back in 1995 and is well located next to the Ladysmith Centre and Market Square, which is currently undergoing a multi-million pound investment as the area continues to improve.
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