Macclesfield’s Grosvenor Centre sold in £20m-plus deal

THE Grosvenor Shopping Centre in Macclesfield has been sold in a deal worth £20.86m.

The 88,000 sq ft centre, which has 45 units occupied by tenants such as Boots, Argos, Fat Face and Vodafone, has been sold by Axa Real Estate Investment Managers to London-based Eskmuir Securities. Axa completed the deal on behalf of its client, Friends Life Company.

Axa said that since acquiring the centre, it has undertaken an active management programme, including a refurbishment.

James Owen, senior fund manager at AXA Real Estate, said: “Since acquiring the
shopping centre, we have undertaken a number of asset management initiatives to enhance the value of the property.

“The proceeds of the disposal will enable us to reinvest into our client’s existing portfolio, where we have identified a number of opportunities to add value through redevelopment and refurbishment activity.”

Eskmuir Securities’ director Paul Hodgson said: “We are delighted with this acquisition and are very excited about working with the existing tenants, and key stakeholders to enhance the shopping centre’s role as the retail heart of the town, through the attraction of new retailers.”

KLM acted for AXA Real Estate and Colliers represented Eskmuir Securities.