Sale of Romford's 790,000sq ft Liberty Shopping Centre confirmed
RivingtonHark executive director Mark Williams (pictured) has announced its purchase of The Liberty Shopping Centre in Romford - Credit: Google/RivingtonHark
A real estate developer has bought The Liberty shopping centre in Romford, but is remaining tight-lipped about how much the deal was worth.
This newspaper reported in May that stakeholders were not confirming or denying reports from online real estate publication CoStar claiming CBRE Group had been “mandated” to sell The Liberty for £80 million.
Today (June 9) RivingtonHark has announced the completion of its purchase of the 790,000 sq ft space on behalf of funds it strategically manages.
However, it did not confirm how much money changed hands as part of the sale.
Executive director of RivingtonHark, Mark Williams, said its “whole business ethics is around rejuvenation, improvement and working with the public sector”.
Suggested improvements include better connectivity to residential areas, improving public areas and opportunity for “well-planned expansion of the existing town centre's mixed-use offering”.
The Liberty Shopping Centre - Credit: Google
RivingtonHark was supported by law firm DLA, Time Retail Partner and Montagu Evans, which will take on the property management.
Real estate company CBRE Group and law firm Shoosmith represented the vendors.
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Mr Williams said: “This is a long-term hold where the intention is to invest and improve the centre for the benefit of all stakeholders.
“We have already spoken with the local authority and aim to sit down at the earliest opportunity to discuss how we can complement and improve the town centre.”
No announcements will be made until consultations have been held with the people of Romford and Havering Council.
This comes after nearby The Brewery was sold for £162million to Schroders Capital's Schroder UK Real Estate Fund (SREF) and the Zurich Investment Foundation Immobilien Europa Direkt.
