Shopping centre sold

10:32am Tuesday 2nd August 2005

THE company behind £100m plans to regenerate Gravesend has sold Thamesgate Shopping Centre.

Private property developer Edinburgh House sold the centre for £22m and plans to use some of the proceeds towards its multi-million pound plans to transform Gravesend town centre.

Formerly called The Anglesea Shopping Centre, Edinburgh House bought the centre in 2001 and gave it a £300,000 makeover and a new name in 2003.

As well as overall redecoration, new exit and entrance doors were added along with new signs and brighter lighting.

The move came after managing director Tony Quayle told a tenants' meeting the company wanted to improve the prominence of the shopping centre within the town and the whole ambience of the mall.

Mr Quayle said: "We believe it is the right time to sell on."

Edinburgh House still owns the St George's Shopping Centre in Bath Street.

Its Gravesend regeneration plans, announced two weeks ago, could create shops, restaurants, bars, offices, a hotel and a residential apartment building.

The regeneration will cover both sides of the old High Street and will affect three key areas: land next to Borough Market, land west of the High Street around St George's Church and land north of Crooked Lane next to St Andrew's Gardens.

The plans will also see improvements to Gravesend's river walkway, a new church hall, a raised piazza and a new town square which will host sports and entertainment events.

Residents and businesses are invited to view and comment on the plans, which are on display in TownCentric in Gravesend town centre until mid-August.

Subject to planning permission, the works are expected to be complete by 2010 and expected to create 1,000 new jobs.

Mr Quayle added: "The monies received will assist in our ongoing expansion into Europe and we will also acquire properties in the UK where we feel there is sufficient value."

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