Town Centre Securities has bought the Spinning Gate shopping centre in Leigh, Greater Manchester, for £8.8m from Arthur Andersen, the receivers for original developer Koslova.
The 7,246 sq m (78,000 sq ft) covered scheme currently produces £900,000 pa. Once the three remaining units are let, TCS believes the investment’s income should rise to more than £1m pa.
Grimley’s Mark Rawstron, who advised the vendor, said: “When the receivers were appointed, the centre was only one-third let. That situation has been successfully turned around as witnessed by the strong list of retailers now present in the scheme. This, and the future potential of the scheme, has been recognised by Town Centre Securities.”
Crowson Bellman Gill Adams acted for Town Centre Securities.
EGi News 24/04/96
