THE Broadway in Bradford is up for sale, it has emerged.

The sprawling shopping centre is on the market with a guide price of £74.23 million, according to property firm Savills.

According to Savills, it is marketing The Broadway on behalf of Law of Property Act 1925 (LPA) receivers Jemma McAndrew and Matthew Nagle.

The Telegraph & Argus has asked for more information about why the shopping centre has been put up for sale and why LPA receivers have been appointed – but no further information has been provided at this stage.

According to the Practical Law website, an LPA receiver can be “appointed to protect and manage assets by a creditor that holds a mortgage of them or a charge over them”.

The news comes as The Broadway prepares to celebrate its 10th anniversary.

The £260m shopping centre officially opened on November 5, 2015.

A spokesperson for Savills said: “Savills, on behalf of LPA receivers Jemma McAndrew and Matthew Nagle, has brought to market The Broadway, a prime retail investment opportunity in the heart of Bradford city centre.

“The shopping centre is being marketed at a guide price of £74.23m, which reflects a net initial yield of 9.5 per cent.

“Set across 10 acres, The Broadway comprises 572,876 sq ft of retail and leisure space, anchored by major occupiers including Primark, JD Sports, Boots, Superdrug and Next.

“The scheme boasts a diversified and robust income stream with 85 per cent of gross income secured against tenants with more than two years to lease expiry, and 33 per cent secured against non-retail uses, generating £10.13m per annum.

“Bradford is currently benefitting from major investment which, combined with it being named as the City of Culture, is revitalising and transforming the core of the city.

“Key highlights include investment into the entertainment venue Bradford Live, Darley Street Market and the City Village project, which is set to deliver 1,000 homes in the city centre on the sites currently occupied by Oastler Market and Kirkgate Shopping Centre.”

Mark Garmon-Jones, director of retail investment at Savills, added: “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.”