Castlepoint co-owner sells stake in the shopping park

The shopping park is now entirely owned by a joint venture between Delancey and Columbia Threadneedle Investments.

The two organisations acquired Abrdn’s 50 per cent stake in Castlepoint on behalf of their client funds, a statement said.

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Added to their existing stakes in the park, the deal gives the companies 50-50 ownership through the joint venture (JV), which will take control of the site’s asset management.

A statement said: “The JV will continue with a programme to enhance the tenant mix and maximise the potential of a best-in-class retail destination. The JV is committed to conclude the ongoing car park remediation works at Castlepoint, that will continue to be undertaken by the same contractor and are on target to complete in early 2023.”

A spokesperson for Delancey said: “Having been invested in Castlepoint Shopping Park since 2010, we understand the asset and see further opportunities for it.

“We look forward to working alongside our JV partner to maximise its potential for retailers and shoppers, taking its place as a leading shopping destination befitting of its scale and regional dominance.

“Completion of the acquisition allows the JV to review the tenant mix in light of changing consumer habits.”

Castlepoint is one of the UK’s largest shopping parks, with 684,000sqft of retail space and more than 3,000 car park spaces on a 36-acre site.

Anchor tenants include Marks and Spencer, Sainsbury’s, Asda, B&Q and Next, alongside another 31 units from 1,500-15,000sqft.

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The park, built on the site of the former Hampshire Centre, was completed in 2003.

It was shut without warning in December 2005 after cracks appeared in the concrete floor and columns of the car park.

Netting and props were put in place and the car park was reopened in January 2006.

Complex negotiations with shops and insurers contributed to a long delay in a permanent solution being found, with work finally beginning in 2018.

Work is in its final phase after a succession of store closures to allow for walkways to be rebuilt.