HOUNSLOW'S Blenheim Centre has been bought by Legal and General Property.
The company is now looking at plans to revamp the site in line with the regeneration of the town centre.
The site, which includes fitness club The Gym, Asda and an NHS facility, cost £7.8million.
Deputy leader of Hounslow Council, Councillor Ruth Cadbury, said: "It's great to see a company with such a great track record in property management and regeneration investing in the borough.
"Our initial contact with them has been very positive, and while it is still very early, we look forward to a productive dialogue with them about the future of the town centre."
LPG says the Hounslow property has 'long-term development potential to partner the council on phase two of the town's redevelopment programme'.
The property comprises 129,512 sq ft of retail, leisure, healthcare and restaurant accommodation on the ground and first floor, together with a 409-space car park in the basement.
On the upper levels there are 484 apartments over 221,816 sq ft, all of which have been sold, by way of a long lease, to a subsidiary of Barratt Homes.
Gordon Aitchison, LGP's head of transactions, said: "These purchases demonstrate LGP's ability to move fast in identifying and seizing attractively priced assets that are characterised by offering solid income streams, coupled with opportunities for significant future value uplift."
It is one of three major assets bought by LGP. The other two are in Wiltshire.
