A UK shopping centre has been sold weeks after hitting the market with a hefty price tag.
The retail destination is officially under new management after the sale was confirmed last week.
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Middleton Shopping Centre has come under new ownership after it was officially sold last week Credit: Alamy
The Greater Manchester shopping complex features 324,078 square-feet of retail space Credit: Alamy
Middleton Shopping Centre in Greater Manchester was originally listed for £8.5million, with AG Retail purchasing the site for an undisclosed fee.
The 324,078 square-foot complex features 87 retail units and a 430‐space multi‐storey car park.
AG Retail, which is a subsidiary of the Adhan Group, said its main priority is to fill all the units, with some retailers already confirmed to be moving in.
The group confirmed that retailer BOYES will move into the closed down Wilko location, while B&M is set to move into the former Pound Stretcher store.
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However, AG Retail asset manager Jon-Paul Hardman added that Pound Stretcher may not leave the site entirely.
He explained: “We tried to buy Middleton Shopping Centre three years ago but we were unsuccessful. It works for our retail model.
“This sort of shopping centre is our bread and butter really. Our first priority is to fill the centre again, that is the main plan.”
The Adhan Group has a large portfolio of shopping centres, making it one of the largest retail owners in the north west.
According to former owner Knight Frank, the centre has an annual footfall of around four million, with estate agents adding that it has a gross income of £2,332,168 per annum and an annual net income of £995,719.
The shopping complex first opened its doors to customers in 1971 and is currently home to major retailers such as Iceland, Boots, and Sports Direct.
