Retail property firm, Hammerson plc, has officially completed the disposal of Thurrock Shopping Park in Essex for £93 million to TH Real Estate.
The park has a net internal area of 25,500 metre squared and comprises two retail schemes, which includes tenants such as M&S, Pets at Home, Boots and Dunelm.
Hammerson acquired the property back in 2012 for £64 million and since then, it has invested £3 million into redeveloping the cinema site into three new retail units, upgraded the tenant selection with a more fashion focussed retail mix and achieved planning consent on the development site.
Ownership of a 26-acre site is being retained by Hammerson for development, which includes consent for 7,600 metre squared of retail and leisure space.
Commenting on the deal, David Atkins, said: “Thurrock has shown excellent returns during our ownership and this transaction provides a good opportunity to crystallise a £26m profit on cost with further upside expected from the retained development opportunity.”
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