Sittingbourne's Forum Shopping Centre has been sold to a commercial property giant for just over £7 million.

UK-based Praxis has bought the shopping centre, opposite the railway station, from previous owner Tesco – which purchased it 11 years ago.

The supermarket giant also shut its branch inside The Forum in January last year. It has since been filled by discount goods chain Poundstretcher.

Praxis's takeover could mean big things for the future of The Forum Shopping Centre, but its plans have not yet been revealed.

Managing director Gary Roberts said: "We are alert to the troubles that retailers are facing, not least that occupational costs need to come down for them to be viable operations."

He said further investment, which would enhance the consumer experience, would have to make economic sense.

"The retail recovery is only going to happen once there is universal acceptance that the market has fundamentally, and irrevocably, changed – we are in a new era of lower rents and lower values," he added.

Praxis identified the shopping centre as being "at the heart of a council-led regeneration scheme".

The £57million Spirit of Sittingbourne regeneration project will include a new leisure quarter, which is currently being built next to The Forum Shopping Centre and will be home to an eight-screen cinema, 63-bed Travelodge hotel and big-name restaurants such as Nando's and Pizza Express.

It also involves a new 317-space multi-storey car park, off St Michael's Road, and a new A2 road layout – which was completed and opened for use in November.

Once complete, the regeneration is expected to attract up to 400,000 visitors a year.

To find out more, visit www.spiritofsittingbourne.com