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Hammerson sells Thurrock Shopping Park for £93 million

Hammerson has sold the Thurrock Shopping Park in Essex for £93 million.

GENERAL MERCHANDISE

Hammerson sells Thurrock Shopping Park for £93 million

Hammerson has sold the Thurrock Shopping Park in Essex for £93 million.

Acquired by TH Real Estate, the park comprises two retail schemes with net internal area of 25,500 square metres. Tenants include Marks & Spencer, Gap, Pets at Home, Decathlon, Boots, Evans Cycles and Dunelm.

Hammerson purchased the property for £64 million in 2012 as part of the Junction Fund Portfolio. Since then it has invested £3 million in redeveloping the park’s cinema site into three new retail units, changed the tenant line-up to a more fashion-led retail mix and secured planning consent on a development site.

The ownership of a 26 acre site is being retained for development by Hammerson with planning consent for 320 residential units over 18 acres and 7,600 square metres of retail and leisure.

David Atkins, Hammerson chief executive, said: "I am pleased to announce a further step in our £300 million disposal programme which highlights our continued focus on rotating Hammerson's retail platform towards our higher growth assets.

“Thurrock has shown excellent returns during our ownership and this transaction provides a good opportunity to crystallise a £26 million profit on cost with further upside expected from the retained development opportunity."

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