FEBRUARY 2007
LOCAL SHOPPING CENTRE ACQUIRED

In a fiercely competitive bidding situation, HMG has successfully acquired the long leasehold interest in the Longfield Shopping Centre in Prestwich for £4.35m.

The scheme comprises an early 1970’s shopping centre with 27 units, let to 20 tenants, including Halifax Plc, Iceland Frozen Foods Ltd, Johnsons Cleaners UK Ltd and Going Places Travel Ltd. The current passing rent is £425,000 per annum although part of this is payable to the freeholder, Bury MBC. Andrew Murray of HMG comments “It is clear that this scheme needs some care and attention and we have purchased on the basis that it works in its own right, as an investment. We aim to refurbish and manage the scheme to drive rental and capital growth although redevelopment is also an option which we may consider in due course.”

Savills advised HMG and the vendor, a consortium of private investors was represented by Riddell TPS.

<Back