Luton Mall owners plan sale of shopping centre for £81m

Capital and Regional is looking to raise £81m from the sale according to Property Week, just two months after selling its Mall in Blackburn.

The company bought the 900,000 sq ft centre in 2006, and describe it as “the primary shopping destination in Luton.”

It has around 158 retailers and an average weekly footfall of more than 370,000 shoppers.

In the company’s annual accounts in March this year it reported that Luton, along with its centre in Hemel Hempstead, had been reclassified as a Held for Sale ‘Managed Assets’ reflecting the substance of Group’s ongoing involvement and expectation of a disposal.

C&R have fought a long battle against Luton Town FC’s plans for an out of town shopping centre at Newlands Park but confirmed it would not appeal after its bid for a Judicial Review into planning permission for the Park was rejected.

"The time has surely come for all parties to work effectively together with Luton Council to find a way to fund the stadium which will deliver the new home Luton Town needs, specifically benefit and enhance Luton town centre, and improve the town for all Lutonians more widely.

"Capital & Regional has already carried out considerable work on this, including commissioning analysis and research from the market-leading sports business group at Deloitte.

"We all have a part to play but ultimately we all have the same goal - a new, sustainably funded stadium for Luton Town on the Power Court site."

C&R has been contacted for comment.