Published: 18:30, 12 May 2022
| Updated: 10:59, 16 May 2022
A town centre shopping mall has been bought by new investors with plans to improve the "prime pedestrianised pitch".
Private investment manager, Signal Capital has completed the purchase of the Thamesgate Shopping Centre, in New Road, Gravesend.
The centre covers an area of approximately 100,000 sq ft.
It's home to 18 stores and key existing tenants include Wilko, Superdrug, Specsavers, and Lloyds Bank.
The new owners say they "feel confident about the potential of Gravesend" and are look forward to managing the existing centre in what they described as a "prime pedestrianised high street pitch".
ESTAMA UK have been appointed by Signal Capital to manage the Thamesgate Shopping Centre on their behalf.
The scheme also includes several local businesses which the property managers believe will fit in with its existing portfolio focussed on serving and engaging with the communities in which it operates.
There are plans for improvements and investment into the shopping centre and ESTAMA UK says it will be revealing further details in due course.
This acquisition forms part of Signal Capital’s UK community retail investment strategy and is the eighth acquisition under this programme.
Other centres purchased to date are Motherwell, Dunstable, Port Talbot, Redcar, Newmarket, Caerphilly, and Taunton.
David Roberts, CEO at Edinburgh House Estates and ESTAMA UK said: “ESTAMA UK has had a strong first year building our managed portfolio to 14 shopping centres and high street assets, which we are continuing to grow.
"Identifying the right schemes to invest in involves in-depth strategic research, followed by close attention to the balance of tenants so that we can future-proof each scheme.
Colman McCarthy, partner, Signal Capital added: “Signal is delighted to continue our collaboration with ESTAMA UK through the acquisition of the Thamesgate Shopping Centre in Gravesend.
"We have continued confidence in assets that remain relevant within the UK community retail space, and we plan to continue actively acquiring assets that meet this thesis.”
Thamesgate Shopping Centre was formerly called The Anglesea Shopping Centre and was built in 1975.
Private property developer, Edinburgh House, bought the centre in 2001 and gave it a £300,000 makeover and its new name in 2003.
In addition to a revamp, new exit and entrance doors were added along with new signs and brighter lighting.