Lanarkshire shopping centre for sale at a third less than purchase price of five years ago

dailyrecord.co.uk:

Cumbernauld’s Antonine Shopping Centre has been put up for sale. Offers over £9.145m are being sought for the centre which opened 15 years ago and is currently owned by Bridges Fund Management.Situated in the town’s Tryst Road, the Antonine - which was named after its proximity to the Roman Antonine Wall - has capacity for over 40 retailers and it's tenants include Next, Boots, TK Maxx and JD Sports.

The Lanarkshire Live app is available to download now. Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.Head to the App Store and never miss a beat in Lanarkshire - iOS - Android According to a brochure advertising the substantial North Lanarkshire commercial property, it received 3.5 million visitors last year.It is described as a “dominant, prime, community shopping centre investment opportunity", and is being marketed by Green & Partners.The 200,872 sq ft centre was acquired by New York-based investor Bridges Fund Management five years ago for around £15 million, in a joint venture with Scoop Asset Management.The brochure states that the centre brought in a gross annual rental income of £1.896m in 2021.Over a third of the centre’s leases have two years or less left on them, while three out of 10 have more than six years on theirs.

Boots’ lease is due to expire in November 2023.The marketing material concludes that the town has a loyal local catchment and had an expenditure of over £300m during 2020.Also highlighted is North Lanarkshire