The Bridges, Sunderland, Tyne & Wear, SR1 3DR, UK

Sunderland Bridges

Asset Description

The Bridges is a dominant enclosed town centre scheme comprising approximately 595,000 sq ft of retail accommodation set across 99 units. There is

a dynamic mix of tenants in occupation including national multiple retailers such as TK Maxx, Primark, New Look, H&M and Iceland. Footfall at The Bridges across 2022 was in excess of 11 million which represented a 16.4% increase on 2021 levels and was 7.5% above UK average shopping centre footfall growth. There has been further growth of 2.2% in the year to date. These numbers illustrate the rebound in footfall numbers post-COVID and indicate that visitor numbers are returning to pre-COVID levels of 13.75m. The council-owned covered market also

sits within The Bridges.

...

Attributes

Asking price

MYR 221,974,000

Building area net

55,277 m²

Occupancy

92%

Year built

1998

Cap rate

11.99%

NOI

MYR 28,415,000

Media

Investment Highlights

 Situated in the heart of Sunderland City Centre, The Bridges dominates the city’s retail offering and comprises the majority of Sunderland’s retail floorspace

 High footfall in excess of 11 million across 2022 with a weekly average of 211,000 visitors

 Footfall increased by 16.4% in 2022 and has grown by a further 2.2% for the year to date in 2023

 The Bridges provides a range of unit sizes offering a good variety of floor plates for prospective occupiers

 The retail offering is tailored to the demographic in Sunderland with the scheme anchored by two discount fashion retailers; Primark and TK Maxx

 Proven occupier appetite with 45 deals agreed since 2020 and over 50 national multiples in occupation

 The Bridges currently produces a contracted income of £8,038,666 per annum and a net income of £4,787,477 per annum

 WAULT of 4.0 years to expiry and 3.3 years to break with 64% of income secured to the top ten tenants

 Total business rates payable for The Bridges reduced by 38% as of April 2023 which will assist future rental growth prospects

 Sunderland City Council are a pro-active public body with a strong track record of attracting and contributing towards investment and development in the city

 Sunderland City Council have secured public and private funding for the £223m re-development of ‘Riverside Sunderland’ which will drive footfall around The Bridges

 Opportunity to benefit from future capital value and rental growth as well as increased occupier appetite resulting from the Sunderland County Council re-development plans.