LOREBURNE Shopping Centre has come under new ownership.
The Manchester-based Hurstwood Holdings recently acquired the 95,000 sq ft site in the heart of Dumfries, which includes the 80-space car park, for a 30 per cent yield.
Stephen Ashworth, chairman and CEO of Hurstwood Holdings, called it “a real coup for the company”
He added: “It has been a long term ambition of ours to own a shopping centre and we felt the time and opportunity was right to realise that ambition. This is the only shopping centre in the town and has been very popular with both the local community and people from neighbouring towns and we believe it is vital to the future economic success of the area.
“Asset and estate management are core skills of our business and we have a fantastic, highly skilled team that will continue to look after this important shopping centre as part of our long term investment portfolio.”
Mr Ashworth also confirmed that the existing centre manager, Jim Ireland, has been recruited by Hurstwood Holdings to continue in his role.
He said Mr Ireland “has extensive experience” in running the mall, adding: “We want to reach out to the community with our new ideas to take the centre forward to a fresh and successful future.”