Ellandi and Miller Developments buy £20m Kent mall with development play
Posted by Property Week on 28th Sep 2011
The 158,710 sq ft centre was bought from Aberdeen Property Investors and the new owners have also acquired the Crown House, an adjoining vacant former job centre, from Telereal Trillium. Together the assets offer the new venture the opportunity to undertake a retail development of more than 60,000 sq ft.
The vehicle will invest more than £30m to reposition the shopping centre. Miller Developments will manage the proposed extension to the centre while Ellandi will asset manage the existing mall.
The existing mall is let to tenants including Agros, Wilkinsons, Peacocks and 99p stores.
Morgan Garfield, founding partner of Ellandi, said: “This deal further cements our reputation of being able to source, structure and fund off market transactions and we look forward to working with our partners on this major town centre regeneration project.”
Kitchen La Frenais Morgan represented Ellandi and Miller in the purchase and will secure the pre-lets for the new development.
The deal comes after Property Week revealed last week that Ellandi has entered into a £150m joint venture with Tristan Capital Partners to invest in secondary shopping centres.
The joint venture completed their first deal for the 200,000 sq ft Newlands shopping centre in Kettering for more than £30m last week.
The former managing director of Oracle Estates Mark Robinson and Deustsche UK real estate head Morgan Gardfield set up Ellandi in 2008.
Source: Property Week