Burnley retail assets come to market with bidding starting at £25m
International real estate advisor Savills has brought to market Charter Walk and Curzon Square, two prominent retail assets in Burnley town centre, for offers in excess of £25.6m for both schemes.
The price reflects a net initial yield of 11.0%. Savills is selling on behalf of Tristan Capital and Addington Capital.
Occupying a major site in the heart of the town, Charter Walk is a popular, open air community shopping centre comprising 280,000 sq ft and home to a range of national retailers including Boots, Wilko, Home Bargains and JD Sports.
The scheme also benefits from a car park below ground, which generates significant income.
Located opposite Charter Walk, Curzon Square totals 78,689 sq ft of modern retail space and is let to retailers Next and Primark, both of which trade from the two floors of the building.
The two sites are situated next to the leisure-led development at Pioneer Place, pre-let to Reel Cinemas and set to draw further footfall to the location.
Mark Garmon-Jones, head of shopping centre investment and repurposing at Savilles, said: “This is a rare opportunity to acquire two dominant town centre retail schemes, let to a strong mix of major, national retailers.
“Available to purchase together, or separately, the two sites offer significant opportunities for repositioning or development to enhance the existing strong tenant line-up and continue to maintain the strong occupancy.”