Ashford Borough Council completes acquisition of Park Mall Shopping Centre

Ashford Borough Council has exchanged contracts to complete the purchase Park Mall Shopping Centre.

This acquisition of the shopping centre, for an undisclosed amount, follows on from the council’s purchase of the Wilkinson store in May.

This past February, the council confirmed an interest in investing in the town centre shopping centre and nearby Wilkinson store. However, the council was only able to take ownership over the assets now because there were months of detailed negotiations and completion of the necessary due diligence.

Although long-term plans for the shopping centre are still being assessed, for the meantime the council will aim to enhance the look of the centre and hope to attract new independent retailers to the area by providing support and advice.

The purchase of Park Mall is part of the council’s regeneration and investment initiative, and follows on from the successful acquisition of International House and Dover Place last year.

Cllr Gerry Clarkson, leader of Ashford Borough Council, said: “Up and down the country high streets are changing, and we must adapt and evolve the offer locally. The council is grasping the opportunity to breathe new life into the town centre. We are stepping in and taking action in order to rejuvenate the area.

“We have heard people say that the town centre needs revamping and we are addressing those concerns. Buying Park Mall brings it into local ownership, creates an asset and income stream for the council and will enable us to develop the town centre as a whole.”

Cllr Clarkson continued: “So much is changing in the town centre. In a few years’ time we will have a new college campus, town centre cinema, commercial office space as well as an expanding Designer Outlet. We hope Park Mall will play its part in the changing face of Ashford’s town centre.”