Staffordshire shopping centre hits the market with £4.8m price tag
A shopping centre in Staffordshire has been placed on the market with an asking price of £4,850,000, reflecting a net initial yield of 13%.
Spanning 135,783 sq ft, The Octagon Centre in Burton upon Trent is a convenience-led shopping centre anchored by Asda, Tk Maxx, Iceland, and One Beyond.
The centre is fully let on the ground floor with just two vacant kiosk units on the first floor.
Other tenants at The Octagon Centre – which produces a gross annual income of £1,186,559 per annum – include HMV, Costa Coffee, Savers, Card Factory, The Entertainer, F. Hinds, Shoezone, Subway, and Ryman.
Tk Maxx and Iceland, which account for 27% of the centre’s net income, have recently signed five-year reversionary leases at the scheme.
The scheme is also supplemented by two landlord-owned and operated car parks, providing a total of 770 spaces.
Known as the capital of British brewing, Burton upon Trent is located 12.2 miles south west of Derby, 27.2 miles south west of Nottingham, 29.3 miles north east of Birmingham, and 30.4 miles south east of Stoke-on-Trent. It has a population of 76,270 and a primary catchment of 226,000 people, regarded as ‘moderately affluent’.
GCW has been appointed to find a suitable purchaser.