Bradford’s Broadway hits the market

Savills is behind the sale of the 570,000 sq ft shopping centre, which has a guide price of £74m and sits in the city centre.

Reflecting a net initial yield of 9.5%, the centre is anchored by Primark, JD Sports, Boots, Superdrug, and Next and has around 70 stores.

Set across 10 acres, The Broadway has 85% of gross income secured against tenants with more than two years until lease expiry, and 33% secured against non-retail uses, generating £10m each year.

Developed by Westfield, the centre has not been without its difficulties.

Construction began in 2004 but halted during the financial crash of 2008, finally opening in 2015.

London-based Munroe K Asset Management manages the centre on behalf of owners Broadway (Bradford), however the sale is being pushed through by an LPA.

This is someone appointed by a lender holding a fixed charge over a property, to enforce that charge over the property.

Mark Garmon-Jones, director of retail investment at Savills, 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.”