Burnley’s Charter Walk shopping centre and Curzon Square have both been brought to market by international real estate advisor Savills — with offers in excess of £25.6m sought for both schemes, according to a report from Lancaster Telegraph.
Charter Walk is an open-air community shopping centre comprising 280,000 sq ft and home to national retailers including Boots, Wilko, Home Bargains and JD Sports. The scheme has a car park below ground, which generates significant income.
Located opposite is Curzon Square, which totals 78,689 sq ft of retail space and is let to Next and Primark. The two sites are situated next to Pioneer Place, pre-let to Reel Cinemas.
Mark Garmon-Jones, head of shopping centre investment and repurposing at Savills, said at: “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.”
Savills say they are looking for offers over £25.6 million for the two schemes and that price reflects a net initial yield of 11.0 per cent. The real estate advisor is selling on behalf of Tristan Capital and Addington Capital.
Antony Higginbotham, Burnley MP, said: “We have seen Burnley town centre rebound strongly in the last few months as restrictions have been eased, with visitors increasing significantly.
“And with Pioneer Place due to begin construction soon to deliver a strong leisure offering, alongside our Levelling-Up Fund bid and support from the Future High Streets Task Force, it continues to have a very bright future ahead.
“Any change of ownership must bring with it a long-term commitment to invest in Charter Walk so we can create a vibrant and attractive shopping centre and market hall, that sits alongside these other schemes. I’ll be following developments closely and seeking those assurances on behalf of residents.”