Vendors seek £25m for Burnley retail
Investors Tristan Capital and Addington Capital have engaged Savills to find a buyer for Charter Walk and Curzon Square in the centre of the Lancashire town, asking for offers in excess of £25.6m for the pair.
Charter Walk is an open-air shopping centre comprising 280,000 sq ft and houses retailers including Boots, Wilko, Home Bargains and JD Sports. The scheme also benefits from an income-generating subterranean car park.
Located opposite Charter Walk, Curzon Square totals 78,689 sq ft of more modern retail space and is let to Next and Primark, both of which trade from the two floors of the building.
The two sites are situated next to Maple Grove’s leisure-led development at Pioneer Place, scaled-down plans for which were approved in March.
Cinema operator Reel will anchor that scheme with a seven-screen cinema, with five retail & leisure units comprising a further 12,750 sq ft.
Charter Walk itself was subjected to a £3m overhaul in 2013, with spaces reconfigured, walkways removed, exteriors improved and double-height nnits added.
Mark Garmon-Jones, head of shopping centre investment and repurposing at Savills, said: “This is a rare opportunity to acquire two dominant town centre retail schemes, let to a strong mix of major, national retailers.
“Available to purchase together, or separately, the two sites offer significant opportunities for repositioning or development to enhance the existing strong tenant line-up and continue to maintain the strong occupancy.”