Waypoint Asset Management, acting on behalf of Local Retail Fund, has bought Partington Shopping Centre in Greater Manchester from Peel Land and Property for £2.8m. The sale price reflects a net initial yield of 6.89%.
Built and completed by Peel Land and Property in 2014, as part of an £8 million investment in the wider regeneration of Partington, the 24,448 sq ft shopping centre incorporates a Tesco Express and Heron Foods. It features a wide mix of other retailers including Martin McColl, Sayers, ExtraCare, Card Factory, William Hill, The Coffee House and a local fish & chip operator.
Nick Gregory of Waypoint Asset Management said: “Our client is looking forward to taking ownership of Partington Shopping Centre and ensuring the scheme continues to be successful. We will work hard to grow rents and move the centre forward, and are currently seeking interest in the remaining premises of 7,395 sq ft, which would suit a key operator.”
The redevelopment of the shopping centre is part of a much wider investment project by Peel, including planning consent for an additional 500 new homes in Partington. This will increase the centre’s footfall as well as attract more interest from potential new retail businesses.