Adhan Group acquires 284,000 sq ft Rochdale Exchange Shopping Centre
06 December 2023
Represented by Ryden, Adhan Group has announced the acquisition of the Rochdale Exchange Shopping Centre. The Blackburn-based investment company has purchased the property from Martin Property Group for a sum exceeding the initial asking price of £3.5 million.
The 284,000 sq ft retail centre was set for auction later this month, although Adhan decided to seize this opportunity and acquire the property before it could be auctioned.
This move aligns with the firm’s ongoing strategy to expand its significant retail portfolio, which includes substantial properties such as the 700,000 sq ft Golden Square in Warrington, the leasehold of The Mall in Blackburn acquired for £40m, and the freehold of the 270,000 sq ft St George’s in Preston, purchased in 2021.
This acquisition also marks another step forward for Adhan Group's journey towards its £1 billion investment target.
Located in the heart of Rochdale town centre, the Rochdale Exchange Shopping Centre spans 5.9 acres and has substantial redevelopment potential. Adhan Group is looking forward to collaborating with Rochdale Borough Council to revive the centre.
Andrew Richardson, Investment Partner at Ryden in Manchester, expressed his satisfaction with the transaction.
"We were extremely pleased to represent Adhan Group in this significant deal. Once again, Adhan committed their full team to complete due diligence in a very short space of time and closed the deal as agreed."
Adhan Group, encompassing Retail, Industrial, and Construction divisions, continues to seek new opportunities with over £200 million available for investment. For the submission of potential opportunities, please get in touch with Andrew Richardson.
