ERIC WRIGHT GROUP INVESTS IN BOLTON WITH £4.1M PURCHASE
Updated: Jul 24
Lancashire-based property and construction company, the Eric Wright Group (EWG), has completed the £4.1million acquisition of a parade of shops on Newport Street in Bolton town centre.
The popular retail scheme comprises 19 retail units made up of both national and independent local retailers including Holland & Barrett, Game, Heron Frozen Foods and Shoe Zone. The deal co-incides with the completion of the letting of a double unit to discount health and beauty store Savers.
Speaking about the acquisition, Group Portfolio Manager for Eric Wright Group, Patrick Naylor, said: “Whilst some investors may be hesitant in acquiring retail assets in the current market, we believe it presents a worthwhile opportunity to secure substantial rental income in areas like Bolton where good investment in the town centres exists and where there is a Council in place which has adopted a proactive attitude to development and regeneration.”
He continued: “This is a great investment for us and a superb addition to our property portfolio. We have two other units available to let and are experiencing a keen level of interest in both of them.”
The acquisition at Newport Street and letting to Savers follows a recent £3m improvement programme to enhance the shop frontage and paving including the installation of new lighting, seating and tree planting as well as the opening of the nearby £48m Great Moor transport interchange.
The announcement to acquire the site comes six months after Eric Wright Group set out its plan to grow its property portfolio to £100million over the next five years.
Cushman & Wakefield advised EWG whilst Smith Price represented the vendor.