‘Several approaches’ for Great Northern
PROPERTY investor Capital & Regional says it has received “several approaches” for the Great Northern entertainment complex in Manchester.
In a half-year report the company said it was, “still too early to say whether this will lead to a transaction”.
It added: “We therefore remain focused on the completion of asset management initiatives as this will maximise value for the company’s shareholders.”
This has involved lining up new tenants such as the 10 pin bowling operator All Star Lanes, Almost Famous Burgers and a Mexican restaurant called Lucha Libra. It has also agreed a lease with Newcastle-based nighclub chain Tokyo Industries.
Capital & Regional first looked to sell the building in 2011. A £70m deal with Manchester City Council, which was looking to integrate the building with its adjacent Manchester Central complex, and a deal with Bruntwood both floundered and the company decided to hold on to it.
Capital & Regional also operates The Mall fund which owns the 600,000 sq ft Mall shopping centre in Blackburn. It said new lettings for a total of 9,500 sq ft have been made to Card Factory, Schuh and Perfect Home on 10-year leases. Shoe Zone has also signed a six-year lease.
Occupancy across its UK shopping centres stands at 94.3%, down slightly on 94.7 last summer. The group made a pre-tax profit in the six months to June of £3.7m, compared to a loss of £9.2m last time.
