A property asset firm has bought the Marlowes Shopping Centre for £35.5million after citing the town centre refurbishment as a key factor in the sale.
Capital & Regional, a specialist property real estate investment trust (REIT), has exchanged contracts with Standard Life Investment for the mall in Hemel Hempstead and the deal is expected to be completed early next month.
The group pointed out that the town has recently benefitted from ‘significant investment from the local authority’.
The centre, which opened 25 years ago, is the town’s main retail hub and home to more than 75 stores, with an annual footfall of 6.5million.
Cllr Graham Sutton, portfolio holder for planning and regeneration at Dacorum Borough Council, said: “We made a big investment in the infrastructure underpinning the local economy through our Hemel Evolution regeneration programme.
“It’s now very gratifying to see the early evidence that this has paid off, stimulating further private sector investment in the town centre – and giving Hemel Hempstead a real vote of confidence for the future.”