12:23 9 June 2022
12:27 9 June 2022
A property developer has bought The Liberty shopping center in Romford, but remains tight-lipped on the value of the deal.
This newspaper reported in May that stakeholders neither confirm nor deny reports from online property publication CoStar claiming CBRE Group had been ‘mandated’ to sell The Liberty for £80million.
Today (June 9), RivingtonHark announced the completion of its purchase of the 790,000 square foot space on behalf of funds it strategically manages.
However, he did not confirm how much money changed hands as part of the sale.
RivingtonHark executive director Mark Williams said “all business ethics revolve around rejuvenation, improvement and working with the public sector”.
Suggested improvements include better connectivity to residential areas, improved public spaces and the possibility of “well-planned expansion of the mixed-use supply of existing town centres”.
RivingtonHark has been backed by law firm DLA, Time Retail Partner and Montagu Evans, who will take over property management.
Real estate company CBRE Group and law firm Shoosmith represented the sellers.
Mr Williams said: “This is a long-term take where the intention is to invest in and improve the center for the benefit of all stakeholders.
“We have already spoken with the local authority and aim to sit down as soon as possible to discuss how we can complete and improve the town centre.”
No announcement will be made until consultations have taken place with the people of Romford and Havering Council.
It comes after the nearby brewery was sold for £162m to Schroders Capital’s Schroder UK Real Estate Fund (SREF) and Zurich Investment Foundation Immobilien Europa Direkt.