Shopping centre offloaded for £2.8m by Peel to mystery buyer

Partington Shopping Centre in Greater Manchester has been sold for £2.8m following a deal between Peel Land and Property and Waypoint Asset Management, who acted on behalf of a mystery client. The sale price reflects a net initial yield of 6.89%.

Built and completed by Peel Land and Property in 2014, as part of an £8m investment in the wider regeneration of Partington, the 24,448sq ft shopping centre incorporates a Tesco Express and Heron Foods. It also features a wide mix of other retailers including Martin McColl, Sayers, ExtraCare, Card Factory, William Hill, The Coffee House and a local fish and chip operator.

Roger Wheeldon, development manager at Peel Land and Property, said: “We’ve worked hard on the development and regeneration of the area, positioning the shopping centre for success, and it’s very rewarding to complete the journey with this sale.”

Nick Gregory of Waypoint Asset Management said: “Our client is looking forward to taking ownership of Partington Shopping Centre and ensuring the scheme continues to grow and be successful. There are asset management opportunities and we are currently seeking interest in the one remaining unit of 7,395 sq ft, which would suit a key operator.”

As part of the investment in Partington Shopping Centre, Peel also funded a local community art project which has seen hundreds of residents taking part in the creation of a piece of modern art. The artwork has now been installed at the centre, near Heron Foods, and unveiled to the public.

The redevelopment of the centre is part of a much wider investment project by Peel in the town, including planning consent for an additional 500 new homes in Partington.

Peel was advised by Jon Lovelady of Bradys, Manchester and the purchaser by Prime Retail.