NewRiver sells Oxford shopping centre
New River has sold its Templars Square shopping centre in Oxford to developer Redevco in a £38.8 million deal.
The company purchased the centre in the Cowley area of the city in 2012 for £24.6 million. In November 2021 Oxford City Council released a planning decision notice enabling 236,000 square feet of mixed-use regeneration. The scheme will include 226 new homes and major improvements to the public realm.
Allan Lockhart, NewRiver chief executive, said: “We are pleased to agree this sale which, as we have already demonstrated through our recent disposal of Blenheim Shopping Centre in Penge, highlights the significant value we can create through our regeneration expertise. On completion this disposal will further improve our LTV, strengthening our position as we execute our resilient retail strategy.”
