Property giant buys shopping centre
MANCHESTERBASED MCR Property Group has bought Rochdale’s Wheatsheaf Shopping Centre for an undisclosed sum.
MCR was one of the big names of the 2005-2008 property boom, coming to dominate some sectors of the city’s property market.
Aneel Mussarat’s property group invested £85m in property as it grew a £1bn portfolio.
The business was sent to be generating a rental income of £17m and Mussarat was rated as one of the wealthiest people in property at £205m.
The last six months have seen a steady increase in activity by MCR, now culminating in its first big-ticket retail purchase.
The Wheatsheaf, which opened in 1990, provides 163,000 sq ft of retail space and will adjoin Genr8’s new £100m 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 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 said: “We are in discussions with a number of exciting retail and leisure operators that will bring the community into town” 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 coowner at Hynes Illingworth said: “Following the purchase by MCR Property Group, we are now in a position where we can offer competitive terms to secure key target retailers.”
The buy comes soon after it emerged that MCR has plans for a 400,000 sq ft development on a site in Wolverhampton.
Hollytame Ltd, a business part-owned by MCR Property Group, is behind the proposals for the 18.5acre plot. It wants to build a distribution centre.
Late last year MCR Property Group sold the 561-bed Victoria Point student scheme at Rusholme to Empiric Student Property for £29.5m
MCR has also been investing in the office market. Recent buys include the £1.37m purchase of an office block at 2-10 Kingsway, Altrincham. They have also been boosting income at the 260,000 sq ft Universal Square office scheme.
Recent deals at the Ardwick office block totalled 33,325 sq ft. Rents are around £13.50 a sq ft.