Aneel Mussarat’s property group has acquired Rochdale shopping centre The Wheatsheaf from Longacre Properties for an undisclosed sum.
The centre, which opened in 1990, provides 163,000 sq ft of retail space, with occupiers including Argos, Wilko, Select and Peacocks. The building will adjoin the new £100m Rochdale Riverside retail and leisure scheme and has had its main entrance reconfigured to provide direct access from the Riverside.
Genr8’s £60m Riverside, being delivered with Kajima and Rochdale Council, will feature around 200,000 sq ft of retail in 24 units, including M&S and Next along with a Reel cinema. Riverside is expected to be open for trading in spring 2019.
Chris Taylor, asset manager for MCR Property Group, said: “The purchase of the shopping centre comes ahead of a significant shift in the retail landscape within Rochdale town centre. We are in discussions with a number of exciting retail and leisure operators that will bring the community into town.”
MCR has appointed retail and leisure specialists Hynes Illingworth and Richard Lucas Property Consultants as joint agents.
Andrew Hynes, co-owner of Hynes Illingworth, said: “The shopping centre provides a primary covered shopping environment in the heart of Rochdale town centre. The scheme is well anchored, provides dedicated on-site parking and has excellent public transport links.
“Following the purchase by MCR Property Group, we are now in a position where we can offer competitive terms to secure key target retailers.”