New owners of Boston shopping centre ‘delighted’ with purchase – leases remain, plans to add more retailers

The new owners of a shopping centre in Boston say there are ‘delighted’ with the purchase, as they eye similar properties nationwide.

Pescod Square Shopping Centre, in 2020, following the re-opening on non essential shops.
Pescod Square Shopping Centre, in 2020, following the re-opening on non essential shops.

Pescod Square Shopping Centre has been taken on by PDK Essex in a deal which exchanged in just two days.

The centre had been in receivership, prompting the sale.

Constructed in 2004, Pescod Square measures more than 95,000 sq ft and includes a 400-space multi-storey car park.

It is home to a mix of national and independent retailers.

Omar Hussain, director of SMP Group, a sister company to PDK Essex, said: “We are delighted with the purchase. We are very active in the market and are keen to acquire similar property on a nationwide basis.”

The centre was acquired by Savills, on behalf of PDK Essex.

A spokesman for the estate agents said all existing leases will remain in place, with plans for the owners to add new retailers to the centre.

Toby Ogilvie Smals, retail investment director at Savills, which acquired the property of behalf of PDK Essex, said: “To have exchanged on this scheme in just two days is testament to the growing demand for shopping centre assets, particularly those with a compelling convenience offer in a strong location, such as Pescod Square.

“We look forward to continuing to work with our client to acquire further sites such as this as the year progresses.”

The sale follows a series of comings, goings, coming-backs and staying-puts at Pescod Square.

Poundland is among the retailers to have recently left the centre, re-locating to the former Marks & Spencer premises, in Market Place, in October.

However, last year also saw a number of the centre’s national retailers sign new leases, with Next, Costa, The Works, and local O2 franchise partner Cellfone Trading, all agreeing new long-term leases of five years or more for their existing units.

Newcomers in recent years have included Boston Soap and WiseGuys and WiseGirls, while further back, in 2018, HMV made a surprise return after a five-year absence in the town, taking its old unit which had stood empty in the interim.