The Peterborough Evening Telegraph
£1m revamp for centre
Ortongate Shopping Centre has been sold to a new owner just months after going on the market.
The 15-year-old Ortongate Shopping Centre, in Orton Goldhay, has been bought by Nottingham-based property developer ALB Group.
The centre, which was put upforsaleearlierthisyear,was being sold in three chunks for a combined price of £5 million and the ALB Group has bought about 200,000 square feet of the 225,000 square feet site
The amount paid by ALB has not been revealed.
ALB now plans to spend £1 million on improvements to the shell units and create a cheaper, more flexible rent structure for potential tenants with the aim of filling the centre with a new mix of independenttradersandbig-name national brands.
The refurbishments will make the units easier to rent out and will vastly reduce any capital outlay required from new tenants.
The Ortongate Shopping Centre includes such retailers as Wilko, Food Warehouse, Greggs, Co-op Foodstore, QD
Stores, B&M and coffee giant Starbucks.
ALB’s purchase agreement excludes the properties at Ortongate currently occupied by B&M, Iceland and the Co-op.
Arran Bailey, owner and managing director of ALB Group, which has already agreed terms with new retailers on three of the vacant units atthecentre,said:“Highstreets andretailcentresupanddown the country have been struggling hugely – even before many were decimated by the onset of Covid.
“Butthesecentresaresoimportant to their surrounding areas. It’s not just about shopping, it’s about socialisation, community, leisure and feeling good about where you live.
“But we strongly believe that with a fresh approach to marketing and being far more flexible with the terms of our lease agreements, we can revitalise these centres and create a win-win situation for everyone.Wealldeservebetterthan we’ve been getting.”
Oliver Marshall, director of FHP Property Consultants, which is jointly marketing Ortongate’s vacant units, said: “WeareconfidentthatALBwill soonturnaroundthefortunes of the centre.
He added: “Ortongate has been purchased in a slightly sorry state, but ALB is now spending money where it’s needed to create a much more attractive offer for retail or leisure businesses.”