Middleton Shopping Centre changes hands in £13m deal

MIDDLETON Shopping Centre has been acquired by London property investor Westrock for £13.4m.

The 300,000 sq ft centre has been sold by administrators at Deloitte who are handling Agora Shopping Centres which was owned by Warner Estates and the Bank of Scotland.

The sale of the centre, which has tenants such as Wilkinson, Boots and Argos, represented a yield of 12%.

The deal is understood to be part of Westrock’s plan to build a regional portfolio worth £300m over the next 18 months.

London & Associated Properties (LAP) and GCW advised the administrators, while Westrock was advised by BCM and CBRE.