£6.5 Million for Marble Place – Hotel brands showing interest!
A successful shopping centre with potential to add a 96-bed hotel in the upmarket coastal town of Southport has been put on the market by Delta Properties.
Knight Frank has been instructed to sell the freehold interest in the 60,030 sq ft Marble Shopping Centre for £6.5m reflecting a net initial yield of 9.00%
Built in the 1990s, the two-storey shopping centre is close to the resort’s famous Lord Street and is anchored by TK Maxx, with 78% of the current income secured against national covenants.
Last month, planning permission was granted for an eight storey 96-bed hotel which also offers the opportunity to reconfigure the centre and increase the A3 offering linked to the hotel.
Steve Carrick, Investment Partner at Knight Frank said, “Marble Shopping Centre offers an excellent hotel development opportunity with planning permission already secured. There is significant interest from well-known hotel brands who are keen to access the Southport hotel market.”
Councillor David Barton added
“I hope that whatever the future holds for this site the impressive fascia frontage of this ornate complex, reminiscent of the Southport Winter Gardens, is maintained and indeed all retailers at the site are duly respected moving forward.”
“I am aware of some of the vast efforts and energies invested by individual business owners who have done much to strengthen Southport’s retail sector and these people must be supported if we are to truly reclaim our shopping status in the long- term.”
“This has always been synonymous with our Classic Resort identity and I shall be continuing to liaise with the business owners to ensure the best possible outcome for all.”
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