Miller Developments - Retail Sale - Wigan, Marketgates Shopping Centre

Date: 20 Nov 2002

Miller Developments has sold the freehold investment of Marketgates Shopping Centre, Wigan to Prime Commercial Properties for £11.3m reflecting a net initial yield of 7.75%.

Mark Hughes, director at Miller Developments says: “Following on from the recent sale of our £40m retail portfolio to Threadneedle (Allied Dunbar) the disposal of Wigan adds to existing funds which we are keen to reinvest in new retail opportunities throughout the UK. Existing shopping centres with development potential, new retail development schemes and portfolio purchases are very much on the agenda”.

The 6,387 sq m (68,628 sq ft) centre is the second purchase in Wigan for Prime following the recent acquisition of the adjacent Galleries retail scheme.

Located in the heart of Wigan town centre, occupiers include Next, Etam, Littlewoods, Adams, Vodafone and Specsavers.

“Marketgates will continue to be a thriving centre for Wigan as it is a popular destination for not only well-known high street names but also local tenants”, adds Hughes.

Colliers CRE acted on behalf of Miller Developments. Prime Commercial Properties was represented by Jones Lang LaSalle on the purchase.

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