Frasers Group has bought Princesshay shopping centre for a reported £80 million from The Crown Estate and asset manager Nuveen, each of which previously owned 50% stakes in the 400,000 square feet retail complex, which accommodates 60 shops.
Mike Ashley majority-owned Frasers Group, formerly known as Sports Direct International, has been in talks with The Crown Estate to take full control of the shopping centre since Nuveen put its share up for sale in June.
It has also announced the acquisition of the 350,000 square feet Fremlin Walk shopping centre in Maidstone and the 65,000 square feet Quedgeley Retail Park in Gloucester.
The company says it intends to “enhance the shopping and leisure offer in Exeter city centre by introducing elevated retail formats and improving the current tenant mix”.
Princesshay Debenhams closing down sale
Princesshay’s largest retail unit has been sitting empty since Debenhams vacated its premises after entering administration in April 2020.
Several adjacent Bedford Street cafes and restaurants have also closed.
Nine additional units are currently being marketed to let in the shopping centre, including the 18,000 square feet unit vacated by Top Shop.
An application for permission to convert the top floor of the former Debenhams store into a cinema and cafe/bar was submitted to the city council in February 2021.
The application was extended until September last year but is still pending a decision, according to the city council website.
The current shopping centre buildings were completed in 2007, controversially replacing a 1950s shopping centre built as part of the post-war Exeter Phoenix redevelopment plan.
