Chester is the fifth most successful UK shopping destination according to analysts Experian and the Grosvenor centre is the city's dominant covered shopping centre. The net income for 2002 is approx £6 million ($9.6 million) and the purchase shows an equivalent yield of 6.75%.
The Grosvenor Centre extends to 167,000sq ft of retail space, primarily on a single trading level, together with an integrated 550 space multi storey car park. The centre first opened in 1965 and was refurbished in 1996. The Grosvenor Centre occupies a prime city centre location with over 130 retailers represented and major occupiers include Debenhams (trading as Browns), Arcadia, River Island, The Pier and Laura Ashley.
This is the first acquisition by The Mall Fund since its launch in February 2002 and the fund now as 12 shopping centres under management. The Mall Chief Executive Ken Ford said: "The Grosvenor Centre is a classic Mall business. The centre is dominant in a loyal quality catchment, enjoys strong retailer and shopper demand and represents many opportunities to introduce Mall brand standards to both shopper facilities and marketing promotions."
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