Grays Shopping Centre back up for sale

NEWRIVER has put Grays shopping centre, which is lined up for redevelopment into 1,000 homes, on the market, React Newscan reveal.

Grays Shopping Centre is made up of 55 units including Iceland, Wilkos and Poundland.

The 4.8-acre site includes a 700-space multi-storey car park.

NewRiver bought the site from Lone Star in 2018 for £20m, and has since progressed discussions with Thurrock Council over the future redevelopment of the town, with the shopping centre seen as central to plans coming forward.

The council has secured around £200m in Government funding to bring forward a scheme, and the centre is lined up to be the site of around 1,000 homes, in blocks of up to 15 storeys.

According to a market source, NewRiver received off-market approaches for the centre, due to increased capital in the market targeting redevelopment opportunities.

CBRE has now been instructed to sell the site, and while a guide price is not being included, it is understood offers of around £20m are being sought.

There is now a question whether Thurrock Council are aware of this development?

The portfolio holder for regeneration, cllr Mark Coxshall has just published his annual report that makes several references to Grays

He said: “This ambitious programme of investment in Grays is giving the private sector confidence to invest alongside us. This is clearly demonstrated by the proposals that New River, the owners of the Grays Shopping Centre, are working up – to invest c. £150million in redeveloping their site. We will continue to work closely with our private sector partners to ensure that all our proposals contribute towards making Grays a successful, diverse and sustainable modern Town Centre”.

After £85m of Government infrastructure funding was confirmed in August, the Local Enterprise Partnership said: “The proposed redevelopment will provide a smaller, more varied retail provision, with greater emphasis on community and leisure provision, as well as a new town square providing improved public realm and pedestrian permeability across the town centre, in line with Thurrock’s ambition for regeneration.

“The proposals will provide up to 1,000 residential units supporting the Councils housing requirement in this central, sustainable location.”

NewRiver declined to comment.

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