CHESTER’S Grosvenor Shopping Centre has been sold to a property firm.
Irish family-owned Martin Property Group has acquired the freehold interest in the 211,845sq ft Grosvenor Shopping Centre from Grosvenor Eaton Estate, for an undisclosed sum.
The shopping centre, which has entrances on Eastgate Street, Bridge Street, Pepper Street and Newgate Street, was developed by Grosvenor in the 1960s. Grosvenor granted a 150-year head lease of the centre in 1996, which remains in place and is currently vested with the receivers of HIG Chester Property Sarl.
Back in 2015, HIG Chester Property Sarl purchased the shopping centre from US-based global asset management firm Carlyle Properties and London-based Bride Hall Estates for about £65 million, but put it up for sale in 2020 after the centre was placed into receivership.
The new acquisition includes an integral 400-space multi-storey car park on Newgate Street and the new 94-bedroom Jurys Inn Hotel Leonardo on Pepper Street, which opened in November 2021.
Gary Martin, Martin Property Group director, said: “The Grosvenor Shopping Centre is a very important asset within Chester, and we are delighted to take on its stewardship, a responsibility which we take very seriously.
“As a family business we share similar values with Grosvenor, which has been an important part of this acquisition for all parties. As custodian of this asset, we look forward to creating strong working relationships with key stakeholders, including Cheshire West and Chester Council, as we work together to ensure the future success of the centre.”
This deal follows Martin Property Group’s acquisition of Real Estate Investments Nederland BV and its portfolio of 1.2msq ft of retail space across six UK shopping centres and student accommodation, earlier this month.
The group now owns other shopping centres including Fishergate in Preston and Exchange Shopping Centre in Rochdale, as well as Clarendon Shopping Centre in Hyde.
A spokesperson for Grosvenor’s Eaton Estate said: “With the continued challenges facing the high street, and as Grosvenor has not owned or managed the shopping centre business since the 150-year head lease was granted in 1996, we believe that selling the freehold of the site to the Martin Property Group, which has established a reputation for sympathetically revitalising shopping centres across the UK and Ireland, provides the best opportunity to develop its offering and enhance the retail and leisure experience in the heart of the city.”
Steven Lewis of Lewis & Partners acted on behalf of Martin Property Group alongside Mark Kingsley who is chief legal counsel to the Martin Property Group.
Brabners LLP and Metis Real Estate Advisors acted for Grosvenor.
Martin Property Group are understood to make moves to purchase the leasehold on the shopping centre.
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