Investment

This 181,500 sq ft (16,861m²) neighbourhood shopping centre in North West Manchester was purchased in late 2004 as a standing investment, with joint venture partner Derwent London. 

Comprising 81 retail units; a 10,000 sq ft (929m²) supermarket; 18,000 sq ft (1,672m²) of office space; 22 maisonettes; a snooker hall and a 500-space car park, Miller Development identified opportunities to increase rent roll through active management and add capital value through extension and redevelopment.

Acting as asset managers for the centre, Miller Developments advanced the net rent by over £300,000pa, increased prime zone A rents by almost 20% and obtained a "minded to grant" planning consent for an extension of c.34,000 sq ft (3,150m²).  

With over 50% of the mall let to national multiple retailers, the Centre was sold in August 2007 for £36.6 million, reflecting a net initial yield of 5.09% (6.5% nominal equivalent yield).