Sat, 15 Feb 2020
NEWBURY’S Kennet Shopping centre has been sold to a mystery buyer for around £10m.
The centre’s asset manager, RivingtonHark, completed on the acquisition with partners last month.
The brief includes re-vitalising the prime location in Newbury town centre.
RivingtonHark works alongside councils, pension funds and global capital providers to invest in mixed-use projects and regenerate town centres.
The company said that “while the asset has suffered though lack of investment”, the Kennet Shopping centre offers “significant scope for rejuvenation working with the occupiers and other stakeholders to bring this to fruition”.
RivingtonHark director Mark Williams said: “We are delighted to be working with our partners on this project, as well as with the wider stakeholders in the town.
“There is a lot to do, but believe significant improvements can be made.”
CBRE acted for the vendor HIG Capital.
The centre was marketed last June as “a major redevelopment opportunity in an affluent area”, offering 243,813 sq ft of retail and leisure opportunity.
Documents said that the centre offers “significant redevelopment potential for a variety of uses, including residential”.
HIG Capital acquired the centre in 2015 and plans for a multi-million pound redevelopment were announced the following year.
But the scheme, which would have established a restaurant and leisure quarter, was put on hold – although Kung Fu and Sundaes Gelato have moved in.
Plans for a bowling alley in the former TK Maxx store were approved last year, but work has yet to start.