Dereham Shopping Centre put up for sale for £9.5m
PUBLISHED: 06:30 01 November 2018 | UPDATED: 13:45 01 November 2018
Dereham Shopping Centre which includes the shops QD, Wilkinsons and Sports Direct has been put up for sale for £9.5m.
The centre, comprising nine units fronting Wrights Walk, two units fronting Norwich Street and three units adjacent to Wrights Walk, is owned by Dencora.
The site also includes a 240-space car park with free spaces for up to three hours and shops such as Starlings, Edinburgh Wooden Mill and Holland & Barrett, among others.
Ross Hewes of GL Hearn, a property consultancy company which is helping with the marketing and sale of the development, said it presents a chance for someone to breathe new life into the area.
He said: “We have had some interest. There are a couple of parties we are talking to.
“There is a chance for the new landlord to breathe a bit more life into the area. There are lots of initiatives which they might be able to get involved with.
“Dencora delivered it and had it for a long time. It just happens to be the right time to sell it.”
The 14-unit development currently brings in £959,848 per year in rent and as well as the retail units, the site also includes two two-bed flats let by way of assured shorthold tenancies.
The site was developed back in 2005 and also includes the opportunity for a buyer to purchase a phase two development with planning permission for a two-storey retail and residential development.
Ed King, managing director of Dencora, said the company’s plan is to always keep a watchful eye on its investments and he doesn’t envisage any major changes to the retail area should a sale be agreed.
He said: “We always keep all of our sites under review. This is just a strategic decision at board level.
“The sale would be subject to an attractive offer. It wouldn’t affect the current tenants at all, they would all carry on as they are now. They all have leases.”
The shopping centre was developed in 2005 to provide a new retail pedestrian ‘loop’ and to improve the parking provision for the centre of Dereham.
The development is currently in the stage of being marketed and advertised to potential buyers.