Medway Council has struck a multi-million pound deal to sell Rainham Shopping Centre to a mystery buyer.

The town’s retail precinct, which opened in 1978, includes 25 shops such as national chains Tesco, B&M and Greggs.

It has sold for £1,505,000 as part of efforts to close a growing budget gap at the cash-strapped council.

But the buyer’s identity and their future plans remain unknown after the council told Future Medway it was “not currently able” to disclose them.

The sale was completed through negotiations directly between the buyer and seller, rather than an auction, in a process known as private treaty.

In a social media post, property firm The Alan Mattey Group appear to be involved in the shopping centre’s acquisition.

The post, written by acquisition director Jack Mattey, said: “Delighted to simultaneously exchange and complete on the freehold of Rainham Shopping Centre purchased off Medway Council within very strict timeframes.

“This is the seventh local council we have purchased from within the last 12 months.”

In 2023, the long lease of the 85,000 sq ft complex was acquired by Evolve Estates, part of the M Core group, whilst Medway Council retained the freehold.

The sale comes just weeks after it emerged that Gillingham Business Park was sold for £6.7 million to an insurance firm.

Both properties are among 30 locations set for disposal after Medway Council’s Cabinet agreed a so-called “fire sale” in October 2024.

The list includes Temple Manor in Strood, Capstone Farm in Chatham, and Gillingham Golf Club.

The council believes the property sales will generate £35 million in revenue and allow them to reduce debt payments by £2.7m per year.

M Core and The Alan Mattey Group have been approached for comment.

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