The Deeping Centre, in Market Deeping, which consists of a Co-operative food store and petrol station together with 11 other shop units has been purchased by Guernsey-based NewRiver Retail Ltd.

As part of the deal, Anglia Regional Co-operative Society, the centre's former owner, will lease back its 27,000 sq ft food store and petrol station for at least the next 20 years.

Existing tenants at the centre have welcomed NewRiver Retail's pledge to upgrade and develop the centre.

Martin Currall, owner of newsagent Deeping News, said: "It would be great if NewRiver Retail is true to its word and manages to get the vacant units filled.

"A lot of businesses have come and gone from the centre in recent years and there are several empty units at the moment.

"Anything that can be turn to improve its fortunes would be very welcome."

Anglia Co-operative chief executive John Chillcott said the company remains committed to Market Deeping.

He said: "Our store at Market Deeping was one of our very first large format stores. It opened way back in 1979 and has been very successful.

"That's why we have signed up to a 20-year lease to continue to serve the Deeping community."

Allan Lockhart, director of NewRiver Capital Limited, the wholly-owned subsidiary and property manager, and adviser to NewRiver Retail, said: "There are opportunities to upgrade and develop the retail offering, both within The Deeping Centre and the adjacent vacant land, by increasing the retailing provision and improving the tenant mix and overall quality of the shopping experience."