Evolve Estates has purchased the freehold interest in Central Square Shopping Centre, Maghull, Merseyside from Maghull Properties for £11.85 mln (approx. €17 mln), reflecting a net initial yield of 8.25%.
The centre comprises 44 retail units, totalling 53,316 ft² (4,953 m²), plus 48 residential flats and two surface car parks on a 6.97 acre (2 hectare) site. Tenants, including Superdrug, Home Bargains, B&M Retail and Boots, provide an annual rental income of £1,135,480. (approx. €1.6 mln.)
Known locally as ‘The Square’, Central Square Shopping Centre forms the main retail pitch within Maghull, effectively acting as the town centre.
Sebastian MacDonald-Hall, Partner of Evolve Estates, comments: “This is a very busy, well-used shopping centre which offers a number of asset management opportunities for us. We will be looking maximise the retail offer within the scheme and also to develop the residential space.”
Savills advised Evolve Estates and CBRE advised Maghull Properties.