Middleton Shopping Centre has been acquired by AG Retail, a subsidiary of the Adhan Group, in a deal confirmed on Friday. The shopping complex, which spans 324,078 square feet across 87 units with a 430-space multi-storey car park, was put up for sale last month with an asking price of £8.5 million. The final purchase price has not been disclosed.
New Ownership and Immediate Plans
Jon-Paul Hardman, asset manager for AG Retail, stated that the company's primary focus is to fill the centre's vacant units and carry out building works for incoming retailers. "We tried to buy Middleton Shopping Centre three years ago but we were unsuccessful. It works for our retail model. This sort of shopping centre is our bread and butter really. Our first priority is to fill the centre again, that is the main plan," Hardman said.
Following weeks of local speculation, it has been confirmed that retailer BOYES will occupy the former Wilko store. Additionally, B&M is set to move into the Poundstretcher unit. Hardman noted that Poundstretcher and TG Jones may not leave entirely despite recent financial difficulties.
Adhan Group's Portfolio
The Adhan Group is one of the largest retail owners in the North West, managing a portfolio that includes Golden Square Shopping Centre in Warrington, The Mall Blackburn, Belle Vale in Liverpool, and Rochdale Exchange Shopping Centre.
Footfall and Financials
According to Knight Frank, the estate agent that marketed the property, Middleton Shopping Centre attracts an annual footfall of approximately four million people. The centre generates a gross income of £2,332,168 per annum and a net income of £995,719.
Broader Regeneration Context
The sale coincides with wider investment in the area, including the planned Metrolink tram service as part of the Middleton Development Corporation. This initiative is part of the Northern Gateway scheme, which promises 20,000 jobs, Metrolink to Middleton, 1,200,000 square metres of employment floorspace, 3,000 new homes, and improved public spaces, roads, and pathways.
