One of Cumbria’s biggest shopping centres has been bagged by private property investors in a £7.1 million deal.

Westmorland Shopping Centre, in Kendal, has been bought by commercial property investors Praxis in a deal funded by a “high net worth” individual based in the North West.

Praxis – whose portfolio includes retail shopping centres in Salford, Leeds and Preston – said the investment would help to secure the future of the centre, which has been in the hands of administrators since 2015.

Gary Roberts, Managing Director of Praxis, said the company was looking to invest a significant amount to revitalise the malls to help lure retailers in from around the UK.

“Its early days but we’re really excited about the development,” he told in-cumbria.com.

“It is at the heart of Kendal's retail offer and we’re here to revitalise it.

“Kendal is a beautiful town and, with the retailers we hope to secure, it will serve the needs of the local community who shop there along with some of the many visitors who pass through on the way to The Lake District.

"We will be moving at 100 miles an hour to make the improvements needed and will leverage our existing network of retailers, to bring new brands to the town.”

Mr Roberts said that some improvement work to the building would take place immediately, while other projects to expand and split up vacant units would take longer but ultimately help to attract long-term tenants.

“There will be some improvements we make that will hopefully mean we could have one or two new tenants in by Christmas,” he said.

The £7.1 million deal was struck with administrators BDO, who took control of the centre from Ethel Austin Properties (Kendal) when they entered administration in 2015. Ethel Austin Properties (Kendal) bought the centre from long-time owners Shell Pensions Trust in 2002 for almost £15 million.

The centre was built for £20 million and opened its doors in 1988.

Home to major retailers including Argos, Superdrug and Game, the centre has 100,000 sq ft of retail space, spanning two floors and includes an indoor market and multi-story car park.

Mr Roberts said Praxis had been tracking the situation with Westmorland Shopping Centre since 2015 but had pounced now because the price was right.

“We had been waiting to get to a figure that would allow us to buy, but also give us enough left to make the improvements needed,” he added.

Praxis has a £1 billion portfolio of commercial property and development land in the UK.