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Droitwich shopping centre sold for nearly £20 million
12:30pm Friday 4th May 2012 in News
DROITWICH Spa’s main shopping centre has been sold for nearly £20 million.
St Andrews Square shopping centre, situated in the heart of the town, has been bought by Salmon Harvester Properties and NFU Mutual.
The centre was acquired with money from the Salmon Harvester Opportunity Fund, the £150 million investment fund formed by the firms.
Plans for how the site can be improved and developed will now be discussed. The possibility of regenerating the Covercroft area of the centre is one option being looked at as well as ways of filling the centre’s vacant units.
The centre is currently anchored by Morrisons supermarket and comprises 37 other retail units with parking for 385 cars in two surface level car parks. Other retailers include Wilkinson, Argos, Boots, WH Smith and M&Co.
Matthew Meaden, manager of the Salmon Harvester Opportunity Fund, said: “St Andrews Square is the dominant shopping centre in Droitwich Spa, an affluent spa town with excellent demographics. We are very pleased to acquire the site.
“There are a number of opportunities for active asset management and the potential for extending the retail and leisure offer through the regeneration of the Covercroft area within the site.
“We will be looking at the centre with a fresh pair of eyes and will make any changes that we think would benefit the site. There are no fixed plans in place at the moment but we will be looking at ways to improve the centre, that’s our aim.
“One thing we will be trying to do is to fill the empty units. We are in talks with retailers at the moment and hope that jobs in the town would be created.”