Sunderland Council puts shopping centre on the market for £37m

Sunderland City Council is looking to sell the freehold of the Bridges shopping centre, spanning 595,000 sq ft, for offers over £37m. JLL is marketing the site’s freehold and long leasehold interests. According to JLL’s marketing documents, the Bridges comprises over half of Sunderland’s total retail floorspace. The shopping centre is anchored by Primark and TK Maxx with a 938-space car park across multi-storey and roof levels. The site provides an NIY of 12% and reflects an overall capital value of £63 per sq ft. The Bridges currently produces a contracted income of £8,038,666 per annum and a net income of £4,787,477 per annum. It has a WAULT of four years to expiry and 3.3 years to break with 64% of income secured to the top 10 tenants. See more property, land and ownership information for Sunderland>> To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews Photo © JLL