“The acquisition of Bridgewater Shopping Centre represents a well-timed opportunity to invest in a resilient asset” – John Rae, Knight Frank
A Scottish shopping centre has changed hands for the first time since it was built in the 1980s in a £21 million deal.
Bridgewater Shopping Centre in Erskine has been acquired by Greenridge Investment Management, from Broadlands, on behalf of the Greenridge Opportunity Fund. Commercial property consultancy Knight Frank acted for the buyer, while CuthbertWhite represented the seller.
The shopping centre, which was developed in the mid-1980s, provides more than 93,000 square feet of retail accommodation across four free-standing buildings on a 12.4-acre site. It also includes 425 car parking spaces and elevated walkways connecting the centre with Erskine and Inchinnan, near Glasgow.
The largest building accounts for more than half of the total space and is occupied by Morrisons, while Aldi operates from the second-largest unit. Greggs, Subway, Domino’s Pizza and Renfrewshire Council are among the centre’s other occupiers.
Alex Walker, partner at Greenridge Investment Management said: “Bridgewater is a well-let, convenience-led centre anchored by two major food stores in Morrisons and Aldi. It serves the day-to-day needs of Erskine and the surrounding communities, and that kind of regular, needs-based trade supports secure income over the long term.
“The acquisition fits Greenridge Opportunity Fund’s strategy of buying well-located assets with sound fundamentals at an attractive entry point. We see clear scope to add value through active asset management, and we look forward to working closely with the centre's occupiers and Renfrewshire Council over the years ahead.”
John Rae, head of office at Knight Frank Glasgow, said: “The acquisition of Bridgewater Shopping Centre represents a well-timed opportunity to invest in a resilient asset. Erskine and the surrounding towns provide a strong catchment area and stable footfall for the shopping centre, which plays a central role in everyday community life for local people. That is exactly the type of property that continues to perform despite headwinds in the wider economy.”
Real Capital Analytics (RCA) data for the first half of the year showed that retail attracted more investment than any other Scottish commercial property sector, with deals worth some £208m - just ahead of offices at £197m.