‘Good time to invest’ says company buying Horsefair shopping centre, Wisbech, as part of �68 million deal
HORSEFAIR shopping centre, Wisbech, has been bought as part of a �68 million deal by one of the UK’s leading retail landlords.
NewRiver Group has put down a non refundable deposit of �300,000 to acquire four major shopping outlets – including the Horsefair.
A company spokesman said: “This is certainly good news for the local area.
“NewRiver identifies underperforming shopping centres and works with both existing tenants and potential new ones to meet their requirements, fill any vacant units and generally improve the shopping centre for the consumer.”
The Horsefair has 26 retail units comprising 92,000 sq ft of sales and ancillary accommodation. The centre was opened in 1989 with parking for nearly 400 cars and the bus station immediately adjacent.
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The centre is Wisbech’s only managed centre and is anchored by the Co-operative with key tenants including Boots, Poundland, Superdrug, New Look and Argos.
Final confirmation of the purchase from Zurich Assurance of the Wisbech centre and others in Camarthen, Paisley and Skegness is awaiting a vote by shareholders tomorrow (Tue) at an extraordinary general meeting.
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NewRiver believes there is huge potential in UK retail property – particularly in the food retailing and value sector.
Their spokesman added: “We think this is a good time to invest in Horse Fair.
“The company is not focused on one area within the UK but makes its investment decisions based on existing management research and opportunity to purchase.
“Our current portfolio is weighted towards South East but this does not mean that it won’t change in the future.”
* In Norwich NewRiver has a substantial interest in Guildhall Hill comprising 43,000 sq ft of accommodation arranged over basement, ground and four upper floors.
The retail accommodation provides a large food store fronting Guildhall and seven retail units fronting Dove Street. Six self-contained office suites are arranged over 2nd, 3rd & 4th floors providing 10,747 sq ft.