The four-level centre is anchored by Debenhams, TJ Hughes and TK Maxx. The net rental income is £3.475 million ($5.5 million) per annum representing a net initial yield of 7%. Following rent reviews the rental income will rise to approximately £3.74 million ($6 million) representing a reversionary yield of just under 7.5%.
Warner recently bought shopping centres in Bolton and Middleton, bringing its portfolio in the North West region to six schemes worth over £210 million ($336 million). Property Director said: "Warner Estate is now a significant force in operating retail space in the region. We are investing in excellent assets in locations where footfall remains buoyant. We believe that the retail properties offer excellent opportunities for growth whilst maintaining strong income streams.
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