Martin Property Group to offload Rochdale shopping centre at auction
Martin Property Group has instructed Allsop to market the Rochdale Exchange Shopping Centre for auction, with a guide of £3.5m.
The guide price reflects a net yield of almost 50% for the 280,000 sq ft shopping centre in the Greater Manchester town. It will go to auction in Allsop’s online commercial sale on 12 December.
MPG, a family run, Northern Ireland-based property group, bought the centre only around 18 months ago as part of a major investment drive into UK town centres. It was part of a portfolio of six UK shopping centres, totalling 1.2m sq ft of retail space, which were bought by MPG in a multi-million-pound deal with Dutch pension fund Stichting Mars Pensioenfonds in mid-2022.
Martin Property Group has instructed Allsop to market the Rochdale Exchange Shopping Centre for auction, with a guide of £3.5m.
The guide price reflects a net yield of almost 50% for the 280,000 sq ft shopping centre in the Greater Manchester town. It will go to auction in Allsop’s online commercial sale on 12 December.
MPG, a family run, Northern Ireland-based property group, bought the centre only around 18 months ago as part of a major investment drive into UK town centres. It was part of a portfolio of six UK shopping centres, totalling 1.2m sq ft of retail space, which were bought by MPG in a multi-million-pound deal with Dutch pension fund Stichting Mars Pensioenfonds in mid-2022.
The 5.9-acre site includes 732 parking spaces. Tenants include Costa, Poundland, Iceland, Holland & Barrett, Greggs and Home Bargains. The centre produces £1.8m in rent per annum, but there are a significant number of lease reversions over the next five years. Two markets on the site are under offer as a site sale to a global fast food chain for a drive-thru restaurant and the buyer of the shopping centre would benefit from the receipts of any sale.
The site also offers wider redevelopment potential. Fund manager AEW previously engaged architect DLG to carry out initial studies. These included various residential options that were presented to the council in 2021.
The other five centres bought by Martin Group in the 2022 portfolio deal were: Westside Shopping Centre in Edinburgh, Clarendon Shopping Centre in Hyde, Four Seasons Shopping Centre in Mansfield, Ankerside Shopping Centre in Tamworth and Angel Place Shopping Centre in Somerset.
Martin Group also built up a major holding in Chester, comprising the 150,000 sq ft Browns building, the adjoining the 211,845 sq ft Grosvenor Shopping Centre and Newgate Street multi-storey car park and Jurys Inn Hotel Leonardo.
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Image from Allsop
