Hammerson sells Thurrock Shopping Park in Essex

Hammerson has sold the Thurrock Shopping Park in Essex to TH Real Estate for 93 million pounds, as the property group continues to focus on “rotating” its retail assets.

The park comprises of two retail schemes with a net internal area of 25,500 square metres and is located close to junction 31 of the M25. Current tenants include Marks and Spencer, Gap, Pets at Home, Decathlon, Boots, Evans Cycles and Dunelm.

Hammerson purchased the property for 64 million pounds in 2012 as part of the Junction Fund Portfolio. Since then it has invested 3 million pounds in redeveloping the park’s cinema site into three new retail units, to attract a more fashion-led retail mix, including securing the UK’s first Nike Outlet on a retail park.

The ownership of a 26-acre site is being retained for development by Hammerson with planning consent for 320 residential units over 18 acres and 7,600 square metres of retail and leisure.

Hammerson chief executive, David Atkins, said: "I am pleased to announce a further step in our 300 million pound disposal programme which highlights our continued focus on rotating Hammerson's retail platform towards our higher growth assets.

“Thurrock has shown excellent returns during our ownership and this transaction provides a good opportunity to crystallise a 26 million pound profit on cost with further upside expected from the retained development opportunity.”