The new owners of Victoria Plaza have assured traders and customers they have major redevelopment plans and do not plan to sell it on for profit.
A series of property companies have made millions of pounds over the past few years by snapping up the rundown Southend town centre shopping centre and selling it again for huge profits, thanks to soaring property prices.
Since 1995 its value has shot up from £11.5m to £28m, although the centre still remains in desperate need of development.
Today, Delamere Estates said history would not repeat itself. A spokeswoman for the property company said they "are going to develop it and not sell it on."
The company is not ready to reveal precise plans.
However, managing director Bill Harkness, 52, says the shopping centre's multi-storey car park will be revamped later this year.
He said: "We'll turn it into the best car park in Southend by spending £1.4 m on it."
Published Friday August 13, 2004
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