Spa town shopping centre handed £6m price tag
The Victoria Centre in Harrogate, North Yorkshire, has been put on the market with a price tag of at least £6m.
Having opened in 1992, the scheme is the only shopping centre in the town, which sits just 16 miles north of Leeds. It is currently being held long leasehold from Harrogate Borough Council.
Fronting onto Cambridge Street and located opposite Harrogate Train Station, the scheme comprises 144,000 sq ft of retail space over four levels. Anchor tenants include Sports Direct, Next, and Tk Maxx, which occupies the entirety of the second storey.
Other retailers at the scheme include Poundland, WHSmith, and Vodafone.
The centre sits adjacent to the 786-space Victoria car park, which is owned by the council.
According to marketing material, the Victoria Centre produces a gross income of £1.36m per annum, and a net income of £670,537 per annum after the deduction of landlord non-recoverables and landlord contributions to marketing budgets.
Knight Frank, which is marketing the centre, said a £6m purchase of the asset would reflect a net initial yield of 10.48% for the purchaser.
Harrogate has a total town centre retail floorspace of around 1m sq ft, with the central retailing area comprising Cambridge Street, James Street, and Montpellier Corner. It has a consumer base of 354,000 people, with 5.8m annual visitors.
The town is also undergoing a period of regeneration, with projects including town centre works, a new employment site, a business park, and new housing schemes all underway.