Cedar Invest floats £23m Macclesfield shopping complex
The fully let 80,000 sq ft Barracks Mill Retail Park is up for sale.
Completed in 2022 by developer Cedar Invest, the shopping complex is home to Aldi, B&M, M&S, Farmfoods, Costa Coffee, and KFC. It generates a passing rent of £1.3m a year and has a weighted average unexpired lease term of more than 14 years.
Rosebury Real Estate and Harvey Spack Field have been appointed to find a buyer for the site and are seeking offers in excess of £27.75m.
A sale at asking price would reflect a net initial yield of 5.5%, according to marketing materials.
Located on a 6.7-acre former industrial site next to the junction between Silk Road and Hurdsfield Road, Barracks Mill was approved in 2017 after a public inquiry.
Cheshire East Council rejected Cedar’s plans due to concerns about the impact the retail park would have on the town centre.
That decision was overturned by the Planning Inspectorate.
“It generates a passing rent of £1.3m a year”… that’s £1.3m less spent in the town centre. The idea that this edge-of-centre development doesn’t have an adverse impact on the viability of the town centre is laughable. Shameful decision from PINS to allow this one.
By Anonymous
Agreed, Anonymous. A spineless and incompetent decision by the inspector who should have resigned his RTPI membership.
By Sten
Good range of shops and best of all free parking, why wouldn’t you go there! No wonder Cheshire East council tried to stop it.
By Rob
Excellent facility, providing what the public wants, the town centre appears to be in rude health!
By Anonymous
Was never going to be a success Never will be
By Galopatus
Of course the Barracks Mill site has damaged the town centre further. Why would you pay to park in the town centre when you can go to this and the other out of town shopping stores and park right by the doors free of charge? Now they want to start charging for parking on a Sunday too which will impact the Treacle market. So short sighted.
By Al
Watse of space the town centre needed this kind of investment, this site has killed the town centre.
By Anonymous
Yield is under 5 % , the figures don’t add up.
By Anonymous