Retail park to be bought in £74m deal

A retail park in Worcestershire is to come under council ownership – but one that is more than 100 miles away.

Surrey County Council is set to buy Malvern Shopping Park in Worcestershire for £74m.

The 140,000 sq ft retail park is home to 17 retailers including Marks & Spencer, Halfords and Matalan.

Its current owner, Consolidated Property Group (CPG), had been trying to sell the site as part of a portfolio alongside retail parks in Chester and Bristol.

This deal, revealed by Property Week, is the result of CPG deciding to sell the sites individually.

Last year Surrey County Council spent £11.8m on property at Friar Street in Worcester.