Marlowes Shopping Centre in Hemel Hempstead sold in £7m deal
Hemel Hempstead’s marquee shopping centre has been sold to a London-based investment group in a deal for £7m.
According to business news outlet CoStar The Midos Group has purchased the Marlowes Shopping Centre from New River REIT.
It has been revealed by the industry news service that The Midos Group completed the deal by making a joint bid with Maritime Capital.
According to the report the companies paid a combined £7,075,000 for the 360,000-square-foot and 64-unit centre.
However, the £7m sum represents a significant fall from the £35m paid for the shopping centre in 2015.
Some residents expressed shock at the significant fall in value the town centre site has experienced in just a decade. However, retailers have endured a pandemic, a further move towards online purchasing habits, and significant changes to trades linked to Brexit, since then.
Other people in Hemel Hempstead said on social media that they are hoping the sale will lead to an influx of new businesses opening outlets inside the centre. Some are calling for a greater variety of restaurants on-site and others are hoping it will lead to more activity-led companies showing up. Other suggestions included the construction of a bowling alley, arcade, or bingo hall within the site.
Representatives from The Midos Group and the Marlowes Shopping Centre did not respond to The Hemel Hempstead Gazette’s requests for comment.
A major factor in the shopping centre’s significant dip in value, according to many residents, is the increasing charges and costs linked to parking within the town centre.