Middleton Shopping Centre, the town's main retail hub, has been sold to AG Retail, a subsidiary of the Adhan Group, in a deal confirmed on Friday. The shopping complex, comprising 324,078 sq ft of retail space across 87 units with a 430-space multi-storey car park, had been listed for £8.5m last month. The purchase price was not disclosed.
New Tenants Confirmed
Following local speculation, retailer BOYES will occupy the former Wilko store within the centre. Additionally, B&M is set to move into the unit vacated by Poundstretcher. Jon-Paul Hardman, asset manager for AG Retail, noted that Poundstretcher and TG Jones may not leave entirely despite recent financial difficulties.
“We tried to buy Middleton Shopping Centre three years ago but we were unsuccessful. It works for our retail model,” Hardman said. “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.”
About the New Owners
The Adhan Group is among the largest retail property owners in the North West, with a portfolio including Golden Square Shopping Centre in Warrington, The Mall Blackburn, Belle Vale in Liverpool, and Rochdale Exchange Shopping Centre. The group's focus is on revitalizing the Middleton site.
Footfall and Income
According to Knight Frank, the estate agent that marketed the centre, the property attracts approximately 4 million visitors annually. It generates a gross income of £2,332,168 per year and an annual net income of £995,719.
Wider Regeneration Plans
The sale coincides with broader investment in the town, including a 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, 1.2 million square metres of employment floorspace, 3,000 new homes, and improved public areas, roads, and pathways.
