Attracting seven million visitors a year, Great Yarmouth is the UK's third largest seaside town, with 64% of local shoppers visiting the shopping centre once a week, making it the town’s prime retailing destination, dominating the county’s convenience offer.
With nine recent lettings and renewals to national multiples – including B&M taking the former Wilko unit and terms agreed for the former Debenhams unit with a new anchor tenant – other key occupiers at the scheme include Boots, Superdrug, JD Sports and Poundland.
In total 66% of the centre’s gross income is secured to national multiple retailers, while the scheme also includes a 357-space multi-storey car park, owned and managed by the vendor.
The centre presents a new investor with significant asset management opportunities to enhance the retail environment and increase the income stream, following the new key lettings.
James Mead and Patrick Kilvington have been instructed by the fixed charge receivers to seek offers of £4.58m for Market Gates Shopping Centre, reflecting a net initial yield of 13% and a low capital value of £20.47 psf. Take a look at the brochure and get in touch for more details.
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