Fremlin Walk, the Maidstone shopping centre, is for sale.

Owner Land Securities has decided to sell the popular complex despite the economic slump hitting commercial property transactions.

Land Securities, which owns more than 20 centres across the UK, including the recently-opened Cabot Circus in Bristol, hopes to raise around £94m from the sale.

The prestige shopping mall, just off Week Street, opened in March 2005. It was developed by Centros Miller on the former Fremlin’s brewery site. On completion, the 350,000 sq ft complex was sold to Land Securities.

The development offers around 50 shops with well-known names such as Wallis, Next, HMV, Waterstone’s and the House of Fraser anchor store.

It has helped boost the number of people visiting the County Town for its shopping experience.

Although the credit crunch has affected retail sales, and the Woolworths store in Week Street looks likely to close, town bosses say visitor numbers are holding up well.

Land Securities' spokeswoman Alison Flynn said it was not uncommon for shopping centres to be bought and sold by new owners and often landlords would buy a scheme, improve it and then sell it on.

"That is what is happening in this case," she said.

"It’s a great centre, it’s a well-performing asset and I’m sure it will continue to do well, but for us, the time is right," she said.

The economic downturn had not influenced Land Securities’ decision to sell, she added, and revealed that there were already expressions of interest.

"If we didn’t think it was the right time to be dipping our toe in the water, we wouldn’t have started to market it."