Hyndburn Borough Council has sold the freehold of the Arndale Centre and adjoining shops in Accrington, Lancashire, for more than £1.4m to an unnamed purchaser. The sale price reflects a yield of 7.5%.
The head leasehold of the 13,935 sq m (150,000 sq ft) retail centre and its 540-space multi-storey car park is owned by P&O Shopping Centres. Tenants include Marks & Spencer, New Look, Shoe Express, Superdrug and John Menzies.
Elsewhere in the town, Arrowcroft Group has signed a development agreement with the council to build 6,038.5 sq m (65,000 sq ft) of shops and another 3,716 sq m (40,000 sq ft) of market hall-style space. The land, which is close to the Arndale Centre, is owned by the council.
ACR Gibbs Hale acted for the council on both deals.
EGi News 16/12/96
