A PROPERTY group has acquired the long leasehold interest of Chester’s Grosvenor Shopping Centre.

Irish family-owned Martin Property Group have also acquired the leasehold interest of the Newgate Street multi-storey car park and Jurys Inn Hotel Leonardo - just three months after acquiring their freehold from Grosvenor Eaton Estate.

The leasehold was acquired from John Barber at CBRE, acting as receiver on behalf of previous owners H.I.I.G. Chester Property S.a.r.l, for an undisclosed sum.

This is the latest in a string of high-profile UK acquisitions for Martin Property Group, which include the purchase of more than 1.2m sq. ft of retail space and student accommodation from Real Estate Investments Nederland BV.

Gary Martin, Martin Property Group Director said: “The acquisition of the leasehold of the Grosvenor Shopping Centre, car park and Jury’s Inn hotel now allows us to take full control of this important portfolio of assets in the heart of Chester.

“We look forward to working with all stakeholders, including Cheshire West and Chester Council, as we look to reposition the centre and ensure its future success.” 

The 211,845 sq. ft. shopping centre on Eastgate Street occupies prime real estate in Chester city centre and was developed by Grosvenor in the 1960s.