Retail tycoon Mike Ashley has proposed a nearly £50 million bid to purchase an outlet shopping centre in Yorkshire, signifying his most recent venture into the retail property sector. The billionaire, who owns Frasers Group, has made the bid for Junction 32, situated just off the M62, near Castleford. The shopping centre, spanning 250,000 square feet, houses nearly 100 stores, including outlet stores for renowned brands like Nike, Adidas, and Barbour, along with Fraser-owned Jack Wills and Sports Direct.

The property is currently owned by Land Securities, which acquired Junction 32 in 2017 as part of a £333 million acquisition of three outlet centres from Hermes Investment Management. The retail property’s value has seen a significant dip as retailers have shifted more operations to the online platform. Landsec’s CEO, Mark Allan, stated last year that the UK now has an excess of 25% retail space.

Junction 32 was put on the market during the winter as it doesn’t align with the three sectors where Landsec believes it has a sustainable competitive advantage: top-tier London offices, large retail destinations, and mixed-use urban neighbourhoods. While the company declined to comment on the sale to Ashley, a spokesperson did mention to The Times that it was “considering various acquisition and disposal opportunities that make financial and strategic sense to the business”.

Ashley has been quite active in the retail property scene recently, having acquired The Mall Shopping Centre in Luton for £58 million in March, after it was put up for sale by Capital & Regional the previous year. Frasers stated that these purchases demonstrated its “confidence in the future of the UK high street”.