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Newbury's Kennet Centre sold

Centre offers “significant scope for rejuvenation"

John Herring

John Herring

john.herring@newburynews.co.uk

Contact:

01635 886633

Should council invest in Kennet Shopping centre?

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.

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Article comments

  • hgv1driver

    hgv1driver

    23/02/2020 - 19:26

    Let Primark come to town !!!

    Reply

  • Necromance

    19/02/2020 - 08:40

    A petting zoo (preferably evil) would really bring business back. No to Primark as they use child and slave labour to manufacture their cheap clothes. no one got time for that medieval practice in todays world. All they need to do is put rent prices down to a suitable, cheap rate. its been run buy too many greedy 'fat cats' over the years who drive the business out due to their greed. Its just needs a re-vamp and cheaper rates to entice independent stores and local businesses.

    Reply

  • brunin the bear

    17/02/2020 - 10:32

    Get Iceland in, much missed shop by those who used it.

    Reply

  • JonLovegrove

    16/02/2020 - 16:57

    Primark, Iceland and some more cheap entertainment and itll thrive. Get vue to match its ticket prices to other local cineamas

    Reply

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