The Peel Group announced today that it had reached an agreement with the Emerson Group for the purchase of the Lowry Outlet Mall at Salford Quays. The deal incorporates the Mall retail and leisure experience, as well as the car park. Peel also owns the neighboring MediaCityUK development.
The Lowry Outlet Mall at Salford Quays.
The Mall consists of more than 300,000 ft² (approx. 28,000 m²) of retail and leisure, with 80 stores, a choice of cafés and restaurants, and a seven-screen Vue cinema. With just over 4.7 million visitors in 2011, the Lowry recently revealed that sales were up 11% year-on-year while footfall has increased 14%.
Occupiers include M & S Outlet for Furniture, Nike Factory Outlet, GAP Outlet and Flannels.
John Whittaker, Chairman of The Peel Group, said: "We are delighted to have secured a deal with Emerson for the purchase of The Lowry Outlet Mall. This is an important strategic acquisition for us and continues to extend the MediaCityUK community across the Quays from the BBC and ITV as well as the new tenants moving into MediaCityUK.
"The Mall complements MediaCityUK perfectly and will give us the opportunity to look at the most effective ways of increasing visitor numbers and enhancing the experience for customers".
Peter Jones, Chairman of The Emerson Group, said: "We wish The Peel Group every success with the Mall. In the years we have owned and managed the Scheme we have seen it go from strength to strength and offer a wide and dynamic mixed use offer to the Quays environment.
"I appreciate the business we have received and thank our loyal customers and tenants who have remained with the scheme through the 10 years the center has been in our ownership. I would also like to thank the staff and Management team who have worked so well with the scheme over the years and I sincerely hope they continue to have a good relationship with the new owners who, of course, have a great deal of flair and energy which has transformed the Quays."