PCP to sell Salford Shopping City
27 November 2009 16:07
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Salford Shopping City, the 80-unit precinct on Hankinson Way, has been put up for sale by Prime Commercial Properties for £45m.
Surevyor Savills has been retained to market the mall to investors at a yield of 8.5%.
The centre sits on a seven acre site and could be redeveloped.
PCP has opposed long-running plans by Tesco to open a large store next to Salford Shopping City which it says would damage trade.
Discussions between PCP, Salford City Council and Tesco have been ongoing for almost seven years towards having an integrated scheme, thereby benefitting all concerned parties.
Initially integration was agreed upon by all, which meant the removal of the dual carriageway located between the developments and thereby allowing PCP the opportunity to extend the centre towards Tesco.
An integrated plan was agreed by the parties consisting of the Greater Manchester Passenger Executive (GMPTE), highways department and with the cooperation of Salford planning department.
PCP have always welcomed the adjacent Tesco development on the understanding that it would be integrated, however it now appears the local authority have agreed in isolation with Tesco to go ahead with a stand alone scheme (retaining the dual carriageway) which would be detrimental to Salford Shopping Centre and surrounding businesses.
PCP irrespective, will continue to fight for integration as an alternative option could be to retain ownership and be involved with the development.
It is felt that the goal posts have been underhandedly swayed towards Tesco without the council disclosing what their present plans are and without due consideration towards the future sustainability and viability of Salford Shopping City.
By Les Rylance