Will Kettering shopping centre be sold in multi-million pound deal?

Estate agents have remained tight-lipped over the level of interest

Wednesday, 14th July 2021, 8:00 am
The Newlands Shopping Centre.
The Newlands Shopping Centre.

It has a price tag of £8.5m - but will Kettering s Newlands Shopping Centre be sold in 2021?

The Gold Street centre, which houses more than 30 stores, was put on the market earlier this year by real estate firm Savills on behalf of owners Ellandi and Tristan Capital.

But for now the estate agents remain tight-lipped over any potential sale and whether firms are interested in buying it.

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A Savills spokesman said they were unable to comment when asked this week about the level of interest shown or whether a deal would be made.

The near-200,000 sq ft shopping centre was last sold 10 years ago for £32.5m - more than four times its current asking price.

It is anchored by TK Maxx, whose lease expires in 2025, and hosts other big name stores including Boots, H&M and Poundland.

The sale also includes office building Lahnstein House, which is accessed from inside the shopping centre.

When the centre went on the market Toby Ogilvie Smals, director in the investment team at Savills, said: “This is a fantastic opportunity to acquire a dominant town centre shopping scheme, let to a strong mix of national retailers and further benefiting from the additional office building.

"The occupational story at Newlands has proved buoyant, in spite of the economic challenges, and with further local authority investment planned for the town, we expect to see good levels of interest.”

The centre was built in 1977 when it was first called the Newborough Centre, initially housing a Sainsbury's in what is now TK Maxx. The shopping centre changed its name when an expansion took place just over a decade later.

In recent years the Newlands has seen some big name closures and additions. In 2016 WH Smith shut up shop, later being replaced by popular clothes store H&M.

Closing down signs went in the window of Dorothy Perkins last year, with M&Co suddenly closing overnight in August.