Adhan closes in on Warrington’s Golden Square

The council’s cabinet will meet next week to approve a deal paving the way for the Blackburn-based investor to take control of the 712,000 sq ft shopping centre before the end of the year. 

Adhan Group, which is run by Salim Patel, will take over the 250-year long-leasehold of Golden Square Shopping Centre from the Alaskan State Pension Fund, according to a report to Warrington Council’s cabinet. 

The deal, which is not yet complete, would see the investor/developer add to its growing portfolio of shopping centres.

The company also owns the leasehold of The Mall in Blackburn, which it bought for £40m earlier this year. Adhan also owns the freehold of the 270,000 sq ft St George’s in Preston, which it acquired out of administration in 2021. 

Golden Square Shopping Centre, which has more than 130 stores, would be the largest retail asset in Adhan’s portfolio.

LaSalle acquired Golden Square on behalf of the Alaskan State Pension Fund for £141m in 2014. 

Last year, the current leaseholders Alaska UK Trustee and Alaska UK Nominees went into receivership, the cabinet report states. 

Since then, the shopping centre has been managed by Savills. 

The transfer of the leasehold to Adhan requires sign-off by Warrington Council, which owns the freehold and receives around 13% of the centre’s net rental income, according to the report. 

Entering into an agreement with Adhan would “encourage and enable long-term investment and improvement in the town
centre”, according to the council.

Golden Square Shopping Centre opened in the 1970s and was extended in the early 2000s. Former anchor tenant Debenhams closed its 115,000 sq ft outlet in 2021. 

Adhan Group was contacted for comment.