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The Wheatsheaf Shopping Centre, Rochdale, Lancashire

£2,950,000

For Sale

163000 Sq Ft
Development Opportunity

Property details

The Wheatsheaf Shopping Centre provides a purpose built shopping centre constructed in 1991 totalling approximately 15,130 sq m (162,862 sq ft) of accommodation, arranged over five levels.

The ground and first floors provide retail accommodation consisting of 26 units, whilst the
third floor provides management accommodation and part of the former library which extends over two floors onto the fourth level.

At lower ground level, there is a large service yard with two entry points onto Bell Street, whilst the lower level also provides access to the shopping centre by way of its frontage onto Baillie Street.

The Baillie Street entrance was in the last few years comprehensively refurbished and linking the centre to the new “Rochdale Riverside” scheme. The works carried out included new escalators and lifts which lead directly into the centre.

The car park is located on the roof of the property, which is accessed from Bell Street, providing 163 car park spaces.

The centre closed down during the pandemic and remains closed being largely vacant however there are several tenanted units fronting Yorkshire Street including British Heart Foundation, H&T Pawn brokers, Craze and Greenwoods which are income producing. Willmott Dixon the contractor working on the Riverside scheme also occupies the internal loading bay in the centre. The total current income is £118,645pa – a copy of the tenancy schedule is available on request.

The centre falls under E class use which includes retail, restaurants/cafes, offices, medical, leisure etc. Other potential uses could include self storage, education, events, community use etc subject to planning.

A pre-app proposal was submitted for demolition of the existing centre and erection of a new build residential scheme consisting of 383 units made up of 115 x 1 bed / 252 x 2 bed / 7 x 3 bed / over 3 towers plus 9 x 4 bed town houses. We understand this received a positive response from the local authority. This would be subject to obtaining any necessary consents.

PROPERTY HIGHLIGHTS

Offers in the region of £2.95m which represents a low capital value of £17/sqft.

Adjacent to Rochdale Town Centre’s £100m Riverside Scheme comprising, new retail (inc. M&S, Next, H&M, Nandos and Reel Cinema), 242 apartments, Hamptons Hotel – 146 bed (By Hilton).

Existing centre suitable for a variety of uses under the new E class planning including retail, restaurants/cafes, offices, medical, leisure etc.

May suit other alternative uses e.g. self storage (STP)

Pre app proposal for residential scheme outline consisting of 383 units made up of 115 x 1 bed / 252 x 2 bed / 7 x 3 bed/ over 3 towers plus 9 x 4 bed town houses.

Excellent transport links including the new Rochdale interchange being within close proximity including bus and Metrolink services.


Location

Manchester North, Rochdale


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