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Two shopping centres up for sale

Two of Newbury's shopping centres are on the market according to the property industry.

The Kennet Centre and the Parkway are being marketed for sale as the retail market continues to struggle.

Property Week says that the County Mall shopping centre in Crawley and the Parkway centre in are under offer for a combined price thought to be around £140m. This is despite the fact the Parkway was touted as a £120m scheme when it was built.

Meanwhile, a sharp fall in the value of the Kennet Centre in Newbury has forced owner HIG Capital and lender Hermes Investment Management to put the property up for sale.

Hermes is thought to be behind the decision to sell the 243,813 sq ft mall, which sits on a six-acre plot in Newbury town centre, but has not called in receivers.

The mall is being sold through CBRE as a residential redevelopment opportunity. It is thought that Hermes is looking to recoup around £15m from the sale.

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