Lancashire shopping centre sold

Pendle Rise, the main shopping scheme in Nelson, East Lancashire, has been sold to Future Properties First for an undisclosed sum. The vendor was Pendle Rise Estates, acting by joint LPA receivers and advised by Fairacre Asset Management.

The shopping centre was put into the hands of receivers in 2010 by the Bank of Ireland.

Pendle Rise was built in the 1960s, and is made up of around 100,000 sq ft of retail space, anchored by Poundworld, Wilko, Home Bargains and Boots.

Barker Proudlove and Trevor Dawson advised Fairacre.

Tom Prescott at Barker Proudlove said: “The sale of Pendle Rise follows the delivery a comprehensive asset management strategy, including numerous deals to retain tenants plus the introduction of new high profile occupiers such as Topgrade Sports and Costa Coffee. The resulting asset was well received by the market, generating strong interest resulting in a number of competitive bids being received.”