The Broadway shopping centre in Bradford has been put up for sale by LPA Receivers for £74.23m. The price reflects a net initial yield of 9.5%.
The Broadway comprises 572,876 sq ft of retail and leisure space and is anchored by occupiers including Primark, JD Sports, Boots, Superdrug and Next.
The 10-acre scheme has a robust income stream with 85% of gross income secured against tenants with more than two years to lease expiry. The shopping centre generates rental income of £10.13m per annum.
Mark Garmon-Jones, director of retail investment at Savills, which has been appointed to market the opportunity on behalf of LPA Receivers Jemma McAndrew & Matthew Nagle, said: “The Broadway is a modern, dominant prime retail investment at the heart of a growing and vibrant city. Named as the UK City of Culture 2025, Bradford continues to attract an influx of public and private sector investment making it an even more attractive prospect for potential buyers.
“From an investment perspective, it provides the chance to acquire a scheme with compelling reversionary potential and several exciting active asset management opportunities. For this reason we anticipate a high volume of enquiries from interested parties.”
