Fremlin Walk in Maidstone sold for £25m to Frasers Group - a company majority owned by ex-Newcastle United boss Mike Ashley

Maidstone’s Fremlin Walk shopping centre has been sold - just two months after going on the market with a £25 million price tag.

The shopping complex has been sold to the Frasers Group. Its majority shareholder is Mike Ashley, the former owner of Premier League Newcastle United and the man who made his name through Sports Direct.

And it is set to become a key site for the numerous brands owned by the retail company.

Frasers Group owns the likes of the House of Fraser - which recently announced it was leaving Bluewater - and Sports Direct. Although Ashley stepped down from the board two years ago, he remains heavily involved in the firm.

Now it has confirmed it has snapped up Fremlin Walk, along with two other shopping complexes - Princesshay in Exeter and The Olympus Centre in Quedgeley, Gloucestershire.

It says the move underlines its “ongoing commitment to physical retail”. The deal was completed through its new property division.

Fremlin Walk, which comprises of 350,000sq ft of retail space, is soon to have a refurbished Frasers flagship store and also features other stores under the group’s umbrella.

They include the likes of Evans Cycles, Game, Jack Wills, Sports Direct and USC. A 5,000sq ft Flannels store is also set to open this month.

Michael Murray, CEO of Frasers Group plc - and son-in-law of Mike Ashley - said: “These acquisitions reinforce our commitment to investing in physical retail.

“Securing properties which serve as the primary retail destination for the community remains a top priority for us. Such acquisitions unlock new growth opportunities for our retail concepts, while revitalising high streets and physical shopping locations up and down the country.

“At Frasers, we strive to re-invent and elevate retail for UK shoppers, bringing the very best brands, environments, and experiences to all our customers across the country.”

Earlier this year, Frasers also upped its stake in Margate-based firm Hornby.

A brochure from the Tunbridge Wells-based estate agent Knight Frank, which was promoting the sale, said Fremlin Walk occupies six acres of the town centre and benefits from a gross income of £4,298,835 per annum and a net income of £2,771,209 after deductions of landlord shortfalls.