Grays Shopping Centre has been purchased by property investor NewRiver.
The £20.2 million deal has been completed with the new owners also unveiling plans for a budget hotel and gym.
In a statement on their website NewRiver said their plans are in line with the Grays town centre framework, produced by Thurrock Council, who they will work with to redevelop the site.
Allan Lockhart, Chief Executive commented: “Grays Shopping Centre is a community asset with excellent asset management and development potential, acquired at a very attractive entry price, which is well below previously traded values and the residential residual value of the asset.
“The site is central to ambitious town centre redevelopment plans put forward by the local authority and we look forward to working closely with them to deliver the right mix of residential, retail and leisure for the local community, while providing attractive and sustainable returns for our shareholders.
“This strategic acquisition means that we have invested over £150 million so far in 2018 across our core sectors of community shopping centres, retail parks and community pubs, at an attractive blended initial yield of 12%, demonstrating our disciplined approach to capital allocation.”
(PHOTO: GOOGLE MAPS)
Tags: Grays
