Manchester based MCR Property Group has announced the purchase of The Wheatsheaf Shopping Centre in Rochdale.
The shopping centre, which opened in 1990, provides 163,000 sq ft of retail space and will adjoin the new £100 million Rochdale Riverside Shopping Centre and Leisure Scheme.
The acquisition for an undisclosed sum, follows extensive refurbishment of the front entrance, a remodelling that provides direct access from the heart of the new Riverside Shopping Centre.
The Wheatsheaf Shopping Centre is central to Rochdale’s renaissance, and has well established retail occupants such as Wilko, Argos, Select and Peacocks.
Chris Taylor, Asset Manager for MCR Property Group commented: “The purchase of the shopping centre comes ahead of a significant shift in the retail landscape within Rochdale Town Centre. The new Riverside Shopping Centre will be developed in partnership with Rochdale Council, and is forecast to start trading in spring 2019.
The Riverside scheme will boast national brands including M&S and Next, with Reel Cinemas also committed for the leisure element.”
MCR Property Group has appointed specialist retail and leisure experts, Hynes Illingworth, alongside Richard Lucas Property Consultants as joint advisors.
Andrew Hynes co-owner at Hynes Illingworth said: “The shopping centre provides a primary covered shopping environment in the heart of Rochdale Town Centre. The scheme is well anchored, provides dedicated on-site parking and has excellent public transport links via the new Metro and Bus Transport Interchange.
“Following the purchase by MCR Property Group, we are now in a position where we can offer competitive terms to secure key target retailers.”
Chris Taylor added “We are in discussions with a number of exciting retail and leisure operators that will bring the community into town”