Greater Manchester shopping centre handed £8.5m price tag
A convenience-led shopping centre in Middleton, Greater Manchester, has been brought to market with an asking price of £8,450,000, reflecting a blended net initial yield of 11.00%.
Situated approximately five miles northeast of Manchester City Centre, Middleton Shopping Centre comprises 324,078 sq ft of retail accommodation across 87 units, supported a 430-space multi-storey car park.
Middleton Shopping Centre has an occupancy of approximately 93% by floor area, supported by recent leasing activity across the scheme, which has completed 15 lettings and renewals over the past 12 months.
The centre is anchored by Home Bargains, Boyes, JD Gyms, Poundstretcher, and Iceland, which sit alongside other national operators such as Boots, Superdrug, EE, Specsavers, Costa Coffee, and Greggs. The shopping centre is also home to a number of local and independent retailers, and is situated in close proximity to a large-format Tesco Extra store and petrol filling station.
Middleton Shopping Centre has a residential catchment of approximately 1,060,000 people, according to CACI. Middleton benefits from close proximity to major employment centres including Manchester, Salford, and Rochdale.
Knight Frank has been appointed to market the shopping centre.