Widnes mall put up for sale
The leasehold of the 85,000 sq ft Albert Square Shopping Centre has been put up for auction for a price in the region of £2m-£2.5m.
The Cheshire mall off Albert Road in Widnes town centre features 32 food and convenience stores, with tenants including Iceland, Lloyds Bank, Savers, BHF and Game. A Sports Direct unit on the site is not included in the sale.
The property, owned by New River Reit, also has a 290-space car park and several service yard areas. The buildings typically provide ground floor sales with first floor staff and/or storage accommodation.
Footfall in 2019 was around 3.3m, according to the listing published by auction house Allsop, while the figure for total current gross rent is just over £580,000 per year.
The shopping centre spans 84,841 sq ft in total and the site is held on a 125-year lease from Widnes Council at a base ground rent of £30,000 per year.
Retail centres across the region are suffering in the wake of the Covid-19 pandemic. The £2m-£2.25m price tag sought by Allsop for the Widnes mall is substantially below New River Reit’s last valuation estimate of £5m-£10m.
The listing states: “Widnes is an established commuter town on the north bank of the River Mersey, some 11 miles east of Liverpool and five miles west of Warrington. The town boasts good road communication.”