Arcades for sale for £24m
The Arcades Shopping Centre in Ashton-under-Lyne has been brought to market by receivers with a £24.25m price tag, a significant drop in value since the shopping centre was last sold in 2007 for £84m.
A sale at £24.45m would reflect a net initial yield of 9%.
Clients of Goodbody Stockbrokers and Allied Irish Bank Investment Managers bought the shopping centre from Apollo Real Estate Advisors in 2007 for around £84m.
Receiver Daniel Smith of Grant Thornton has appointed Savills to sell the shopping centre.
The two storey centre offers 138,691 sq ft of retail space across 45 units and is let to a mix of national and independent retailers including Wilko, New Look, Next and WH Smith. It generates a rental income of approximately £2.9m each year.
The Arcades Shopping Centre opened in 1995 and is next to the Ladysmith Centre and the Market Square, which is currently undergoing a £4.5m refurbishment.
