Bradford’s flagship shopping centre, The Broadway, has been put up for sale with a guide price of £74.23 million.
Property agent Savills, acting on behalf of LPA Receivers Jemma McAndrew and Matthew Nagle, has launched the sale of the 10-acre retail and leisure complex, describing it as a “prime retail investment opportunity” in the heart of the city. The price reflects a net initial yield of 9.5%.
The Broadway comprises 572,876 sq ft of space and is anchored by major high street names including Primark, JD Sports, Boots, Superdrug and Next. The scheme currently generates an annual income of £10.13m, with 85% of gross income secured against tenants with more than two years remaining on their leases, and around a third of the income tied to non-retail uses.
The sale comes as Bradford undergoes significant regeneration, buoyed by its title as UK City of Culture 2025. Key investments include £50m into the new entertainment venue Bradford Live, £23m into Darley Street Market, and the City Village project, which will see 1,000 homes built on the sites of Oastler Market and Kirkgate Shopping Centre.
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.”
The site has had a chequered history. Originally dubbed “the big hole in the ground”, development first began in 2004 but stalled in 2008 due to the global financial crisis. Years of campaigning followed before a scaled-down version of the original plans was completed. The £260m centre finally opened its doors on 5 November 2015 to eager shoppers but has since faced challenges in achieving full occupancy.
The sale comes as The Broadway prepares to mark its 10th anniversary next month, making its future ownership and direction a point of close interest for the city.
