Irish property group acquires leasehold of key Chester portfolio

An Irish family-owned property group has acquired the long leasehold of Chester’s Grosvenor Shopping Centre, Newgate Street multi-storey car park, and Jury’s Inn Hotel Leonardo, for an undisclosed sum.

The Martin Property Group completed the deal just three months after it acquired the freehold from Grosvenor Eaton Estate of Grosvenor Shopping Centre for an undisclosed sum.

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.

This is the latest in a string of high profile UK acquisitions for Martin Property Group, which include the purchase of more than 1.2 million 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, which also owns the Liverpool One retail centre, in the 1960s.