European privately-held real estate investment manager Redevco has agreed to acquire Templars Square in Oxford, UK, for GBP38.8 million (EUR42.5) million from New River.
Redevco is purchasing the 1960s local shopping centre with a view to transforming it into a residential-led mixed urban scheme over the next decade. The project has a pre-existing planning consent that includes 226 residential units.
Templars Square, which lies 2.5 miles (4 kms) south-east of Oxford’s city centre, is a covered mall-based shopping centre with some open-air and street-facing retail units, two car parks (Knights and Barns Road) and upper-floor offices. The 3.65-hectare site is broadly located between Cowley’s Towns Road to the north and Hockmore Street to the south. The asset is part freehold, with the majority owned as long-leasehold for a period of close to 200 years.
Tom Hoye, transaction director at Redevco UK said: ‘Templars Square offers an outstanding opportunity for Redevco to do what it does best, namely helping cities become more sustainable and liveable places. We plan to take a much-loved, but dated, retail asset and transform it into a thriving urban destination which will continue to draw in the local community.’
Source: propertyeu.info on the 23rd of December