A shopping centre which counts Sainsbury’s as its leading tenant has been snapped up by private investors for £33 million.

The Priory Shopping Centre in Dartford, which went into receivership in December 2013, has been bought by property fund Curzon Capital Partners III.

Its buyers, who bought the site from the Co-operative Bank, were enticed by the “discounted price” for the mall and its long-standing tenants Wilkinsons, 99p Stores, Poundland, Superdrug and McDonalds, who had stayed at the site despite it being “under-managed and under–invested”.

Founded in 1976, the shopping centre covers 180,000 sq ft and has 38 retail spaces, as well as a covered market hall and 11,000 sq ft of offices.

The mall also has two of Dartford’s main car parks with 800 spaces.

Peter Mather, managing director of investments at Tristan Capital Partners, who advised on the deal, said: “We saw the opportunity in the broken financial structure of this asset to acquire a South East town centre scheme at a discounted price point.

“Dartford is a major London conurbation and the Priory Centre forms an important part of the town’s retail offer, including the primary supermarket and car parks within the town.

“Whilst the centre has historically been under-managed and under–invested, there are currently a number of stable tenants in occupation and the investment benefits from a strong cashflow component.”

Shopping centre investor Ellandi is also part of the deal and will run the centre on behalf of investors.

Mark Robinson, property director at Ellandi, said: “Dartford has suffered from a number of setbacks: the scheme being in receivership and the aborted town centre development plans from Tesco.

“Ellandi has the experience and track record of achieving real change within the communities in which we invest and we look forward to working with all local stakeholders to revitalise Dartford town centre.”

The Priory Centre is the fifth shopping centre to be purchased by Curzon Capital Partners III since September 2011.

Maples Teesdale and PWC acted as advisors to the fund.