Altrincham-based Hollins Murray Group has acquired Winstanley Shopping Centre in Wigan out of receivership.
The 12,000 sq ft neighbourhood centre comprises 11 units. Tenants include the Co-operative and Boots. There was one empty unit but a deal is already in advanced discussions.
The property was sold by PWC as receivers, who said there was strong competition from prospective purchasers due to the neglected state of the centre and scope for improvement. HMG beat 10 other bidders and plans to remodel and extend the centre, although details have yet to be drawn up.
HMG acquired the asset for an undisclosed sum using cash resources. Winstanley joins the Gerard Centre, Wigan and West Heath Shopping Centre, Congleton in HMG's portfolio.
Nick Casson, HMG chief executive, said: "The property had been in decline for many years and occupiers had become very frustrated, particularly during the period it was in receivership. We believe we can reverse this and have already identified a number of ways in which we hope to add value over time. Given the clear demand from occupiers, this is likely to include us building a sizeable extension in due course."
HMG company had sales of £5.6m in 2010 and produced a pre-tax profit of £1.9m. Net assets were valued at £38.5m.
Gwyneth Heritage of Altrincham-based property solicitors Land Law LLP advised HMG. Nick Okell at Savills marketed the centre for PWC. Legat Owen is letting agent for HMG.