Standard Life sells Pride Hill, Darwin and Riverside scheme
Shropshire Council’s Cabinet has given the green light to the acquisition of Shrewsbury’s main shopping centres from Standard Life. The council believes buying the malls will support the economic growth and regeneration of Shrewsbury town centre.
The deal covers three linked sites: the freehold of the Charles Darwin shopping centre, including 11 Castle Street; the freehold of the Pride Hill shopping centre and the leasehold interest in the Riverside shopping centre.
The Darwin centre totals 200,748 sq ft and is anchored by H&M, Marks & Spencer and Primark while the Pride Hill/Riverside site has 232,000 sq ft of GLA anchored by Wilko.
The deal continues a trend for local authorities t invest in shopping centres, both to provide long-term income and to give them more control over the regeneration of their town centres. Within the last two years, 15 local authorities have acquired shopping centre investments in their areas for a total of £570m with a further £220m under offer or in negotiations.
Montagu Evans is advising the council.