Hermes Real Estate demonstrates commitment to Guildford

Hermes Real Estate Investment Management Limited (HREIML), owners of The Friary Shopping Centre in Guildford, has acquired Dominion House from Aviva Investors for £1.85m. The property, which comprises some 15,844 square feet, is located within the five acre extension site adjacent to The Friary Shopping Centre, making it a key strategic acquisition to bring closer HREIML’s development ambitions for Guildford. This follows HREIML’s purchase in May 2012 of Westfield’s 50% stake in The Friary Centre, thereby assuming sole ownership and control over the scheme.

The purchase of Dominion House coincides with HREIML’s appointment of architects Chapman Taylor to join its development team currently working on proposals for a new retail-led, mixed use development adjacent to The Friary.  Appointment of a development manager is also underway with an announcement expected shortly.

Ben Tolhurst, Asset Manager, Hermes Real Estate Investment Management Limited, commented: “We are pleased to report strong progress with assembling a team to move forward with long awaited development plans for Guildford town centre. Moreover, we look forward to working closely with the council, local stakeholders and the public to deliver a truly sustainable project that fits within the wider vision for Guildford.

“As a long-term investor, we have a great deal of confidence in Guildford’s future, as evidenced by our substantial investment to date in the £40m repositioning of The Friary Centre and by our recent purchase of Westfield’s 50% stake.”  

This latest investment in Guildford by HREIML follows the successful delivery of a joint £40m repositioning project at The Friary, which has introduced new large format stores and attracted a host of new retailers as a complement to the High Street retail offer. Retailers at the centre now include Urban Outfitters, Hollister, Republic, and River Island, alongside extended Primark and Topshop stores.