Town Centre Securities has exchanged contracts on the sale of Rochdale Central Retail Park and the land next to it for £13.2m to Rochdale Council.
The retail park totals 70,000 sq ft with tenants including Argos, Halford, Matalan and Poundstretcher. The site generates an annual net rent of £1.15m and was valued at £14m as of 30 June.
Despite its asset management efforts, Town Centre Securities said the site has further downside potential and the sale reduces that risk.
The deal is part of Town Centre Securities’ wider strategy to cut its exposure to retail and leisure. It has reduced its exposure from 70% to 55% over the past two years, which will fall to 52% once the sale completes.
Edward Ziff, chairman and chief executive of Town Centre Securities, said: “This disposal is in line with our ongoing strategy of repositioning TCS’s portfolio: reducing our exposure to mature out-of-town retail and enabling further diversification of our assets and investment in our development and investment pipeline.”
Click here to listen to EG’s interview with Lynda Shillaw, group property director at Town Centre Securities, about her life, career and new role at the Leeds-based developer.
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