Kennet Shopping Centre finds a buyer
London based investor reportedly poised to sign deal
Kennet Shopping, Newbury, has reportedly found a buyer, just six months after it was put up for sale.
In July, it was reported that Irish owner Alanis Capital had put the shopping centre on the market and set a price tag of £18.5m for the site, which comprises 50 stores/units and the Vue cinema.
The news came less than a year after two major retailers – Debenhams and Poundland, revealed plans to move out of the centre.
Now, property developer and investment firm Bride Hall is believed to be in final discussions to purchase the shopping centre.
The London-based company has developed more than 5m sq ft of retail, office and commercial space since it was founded in 1983, and is reported to have a capital value of nearly £2bn.
It has invested in various office developments and mixed-use sites, and locally has been involved in the development of Thatcham Business Park and Bracknell’s Park One business park.
Richard Deal from property expert Deal Varney told the Newbury Weekly News in July that the sale had come “as no surprise”.
He said: “It’s always been a shopping centre in the wrong place. The site really needs something dramatic to take place, and is in need of complete redevelopment. It has been flagging for some years, particularly when the recession started. The evidence is that people have moved from Kennet Shopping to Parkway.”
Bride Hall and Savills, which was managing the sale, were both approached for comment but had not responded by the time the Newbury Weekly News went to print.