Fremlin Walk sale is a ‘vote of confidence’
New owners say centre is best retail space in the area
jameswalker@thekmgroup.co.uk Fremlin Walk has been sold for £110 million to a new group of investors.
Former owners Legal and General Property ( LGP) announced on Monday that the outdoor shopping centre has been sold to M&G Real Estate.
LGP bought the site for £91.6 million in December 2010.
The 20% increase comes despite the closure of several shops run by national chains, including Jane Norman, JJB Sports and Next – which left the town-centre site two weeks ago.
The purchase was overseen by Fiona Rowley and Justin Upton from M&G’s property portfolio.
Ms Rowley said: “Maidstone is an economically strong town and Fremlin Walk is a modern shopping centre that provides the best retail space in the area.
“The town has good prospects for rental growth, aided by significant developments elsewhere in the region.”
In December 2010 rent was set at £90 per square foot and that has increased to £120.
The sale excludes 66 Earl Street, which has been sold separately to Love Sushi for £275,000.
Town centre manager Bill Moss said: “I think the positive news to take out of it is that a big, major company is prepared to invest in the town centre. It’s a terrific vote of confidence. ”
Fremlin Walk, which has 50 retail units and 760 parking spaces, was opened in 2005 after a £100 million investment. The 350,000 sq ft shopping centre was built on the former Fremlins brewery site by Centros Miller and forward sold to property investment giant Land Securities.
This deal is the latest in a series of purchases by M&G, including Parc Trostre retail park in Llanelli for £156m and Aliffe House in Aldgate for £36.7 million.