WINCHESTER'S main shopping centre has been snapped up by a consortium in a huge undisclosed deal. 

Contracts have been exchanged for the Brooks Shopping Centre in Middle Brook Street and completion is expected imminently.

Winchester-based Gentian Developments is operating as the local lead in the consortium which is buying the centre from Catalyst Capital.

The contracts now await approval from Winchester City Council - the freeholders of the centre.

Hampshire Chronicle:

Managing director of Gentian, Nick Ekins, said: “We are delighted to be operating as the local lead for this dynamic consortium.

"Collectively the group has vast experience in creating and developing desirable retail centres across the UK. We will harness this expertise to modernise and improve the Brooks Centre to make it more attractive to both retailers and customers.”

Leading the association of companies is Flodrive, which has extensive investments and experience in the UK retail property market. The company said it looks forward to working with the city council.

Gentian is unable to reveal any more details, including costs, until the deal is confirmed.

READ MORE: Fat Face, Winchester, building bought by Gentian Developments

However, Gentian is a well-known name in Winchester as it has a property investment portfolio in excess of £120m. In the past two years, it has purchased a number of significant retail units on Winchester High Street.

These include 126 High Street, currently leased to Mountain Warehouse, 46 High Street, currently leased to Seasalt, 7-8 High Street which is currently leased to Closs & Hamblin and Rick Stein Seafood Restaurant and 28 High Street which is currently leased by Fat Face.

It said the purchase of the Brooks Shopping Centre will add to its ‘city centre regeneration portfolio’.

Winchester Business Improvement District manager Sarah Davis welcomed the news.

She said: “Winchester BID always welcomes investment into the city and is delighted to hear that Gentian Developments has taken the lead in this local purchase.

“The Brooks is already a vibrant shopping centre and with the recent launch of 878 has become a destination for visitors coming to the city

“By committing to the future of the centre, Gentian will hopefully help the current shops flourish and encourage new ones to open."

The city’s only shopping centre opened in 1990 and is currently home to shops such Primark, TK Maxx, The Works, hmv, Waterstone’s, The Entertainer and ninety-nine. It also has a 350-space multi-storey car park.

The centre was bought for £55m by real estate firm Catalyst Capital in 2015 following the collapse of prior owner De Stefano Property Group.

SEE ALSO: Closs and Hamblin announces date of Winchester High Street closure

Catalyst Capital promised to revitalise the complex at the time, to encourage new retailers into Winchester.

More recently, the shopping outlet launched 878 AD, an Anglo-Saxon experience which people can download an augmented reality app for. Play centre Tot City also opened its doors in the centre back in August this year.

Hampshire Chronicle:

Other shops and leisure units include Ballet Pointe, CGC Emporium, Independent Holiday Shop, Cards for Good Causes, Energie Fitness, Jazz Beauty, Mooboo Bubble Tea, Shakeaway, Marse and Turkish Style Barbers.

The building has two entrances, one on Middle Brook Street and another on Upper Book Street.

More information is expected from Gentian once the deal is complete.