Great Yarmouth shopping centre hits the market
A shopping centre in Great Yarmouth has been placed on the market with an asking price of £4.58m.
Market Gates Shopping Centre comprises 223,247 sq ft of retail accommodation across three floors, with anchor tenants including B&M, TJ Hughes, Boots, Superdrug, JD Sports, and Poundland.
The asset provides a weighted average unexpired lease term of 3.75 years to expiry.
Market Gates Shopping Centre is the prime retailing destination in Great Yarmouth and attracts approximately 4.5 million shoppers every year. It is also supplemented by a 357-space car park.
Great Yarmouth, located in Norfolk, is one of the UK’s most popular seaside towns, welcoming around 7 million visitors per year. It is situated approximately 20 miles east of Norwich, 44 miles north west of Ipswich, and 108 miles north west of Central London.
FMX Urban Property Advisers – which has been appointed to market the asset – said the £4.58m asking price reflects a net initial yield of 13%, and a capital value of £20.47 per sq ft.