The Garden Square Shopping Centre has been sold for £19.3 million.
Letchworth’s open air shopping centre – which has entrances in Leys Square, Eastcheap and Gernon Road – has been bought from Praxis Holdings by Valad Europe, a real estate group which hopes to enhance the retail offering in the town.
The 160,000 square foot shopping centre has a host of national brands including Argos, New Look, Iceland, WHSmith and Dorothy Perkins, as well as branches of the Halifax and Santander banks.
Simon Marriott, who is head of UK real estate at Valad Europe, said: “We select assets that match a particular investment theme which we believe will provide significant returns over the life of the fund.
“At Garden Square, we have identified a number of asset management opportunities aimed at improving the retail offer in Letchworth.
“This includes an extension of the retail space and conversion of the redundant office space for residential use.”
Last summer North Herts District Council approved plans to redevelop the gateway to the shopping centre by building 47 flats and two shops.
The proposal involves the conversion of Commerce House and the demolition of two vacant shops in Leys Avenue to make way for a four-storey building looking out onto Leys Square, as well as the installation of a new front to the Garden Square Shopping Centre.
Building work had been expected to begin in the early summer months, but plans were delayed.
Valad Europe will decide in due course whether they will continue with the proposal.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here