Morecambe Arndale sold for £14m

NewRiver Retail has acquired the Arndale Shopping Centre in Morecambe for £14m, reflecting a net initial yield of 9%.

The 107,000 sq ft centre contains 30 retail units. Occupiers include Poundland, Boots, Iceland, Argos, Travelodge, Halifax, Greggs and a 17,000 sq ft Tesco Metro.

The Arndale was bought as part of a UK-wide retail portfolio including five high street assets in Blackpool, Rugby, Nuneaton, Spalding, and Perth, for a combined total of £19m.

The portfolio was sold by RBS, advised by Colliers International.

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Morecambe: hell on earth.

By TS Spittle-Pith