Ediston puts town precinct on market
Edinburgh-based niche fund manager Ediston Properties has appointed Jones Lang LaSalle to sell The Market Precinct in Farnworth, near Bolton at a guide price of £4.77m.
The multi-let shopping precinct has 15 units along the prime retail pitch of Brackley Street, 10 units within the precinct and four kiosk units. Zone A rents range between £19/sq ft to £44/sq ft.
Matthew Stretton, associate director in Jones Lang LaSalle's national investment team, leading the sale, said: "The Market Precinct provides secure rental income along Brackley Street with approximately 50% of the income secured against national retailers such as Superdrug, Greggs, Barnardos, Sayers and Halifax. It also offers an investor numerous active management opportunities to increase value on the rear units through refurbishment and medium term redevelopment."
Stretton continued: "Farnworth is currently seeing considerable investment with the recent construction of a new £40m campus for Bolton College, and plans for a new £10m NHS Primary Care Trust and a new Tesco store, in addition to the refurbishment of the leisure centre which we believe will have a positive impact on the area. We believe this investment offers a purchaser the opportunity to acquire a solid income stream with active management opportunities in a town currently seeing significant improvements."
