“Depressed” Peterborough shopping centre snapped up by developer

15th May 2023 | Jack Oliver

A “depressed” shopping centre near Peterborough has been acquired by Nottingham-based property developer ALB Group for an undisclosed fee.

Ortongate Shopping Centre, four miles west of Peterborough, was put up for sale earlier this year after its previous owner struggled to fill vacant units.

The shopping centre is home to retailers such as Wilko, Greggs, and discount trader QD Stores, however most of the units are empty.

ALB said it is planning to spend £1m on improvements and looking to create a cheaper and more flexible renting structure for tenants, and has already secured retailers for three vacant units.

The developer has purchased almost 200,000 sq ft of the 225,000 sq ft retail site, as it looks to rescue more dilapidated high streets and shopping centres across the country.

Arran Bailey, owner and managing director of ALB Group, said: “High streets and retail centres up and down the country have been struggling hugely – even before many were decimated by the onset of COVID.

“But these centres are so important to their surrounding areas. It’s not just about shopping, it’s about socialisation, community, leisure and feeling good about where you live. 

“Many property landlords have remained inflexible and have refused to move with the times. 

“But we strongly believe that with a fresh approach to marketing and being far more flexible with the terms of our lease agreements, we can revitalise these centres”.

Bailey has previously looked to revitalise UK high streets, having successfully turned around the fortunes of his hometown Nottingham’s Bridlesmith Gate area, which is now at full capacity.

Similar results have been produced at Sailmakers Shopping Centre in Ipswich, and other ALB Group-owned locations.


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