Castle Place shopping centre in Trowbridge eyed up by possible buyers

They have been seen walking round the Castle Place Shopping Centre, which dates from 1974, after it was put up for sale with a guide price of £400,000.

The covered indoor centre in Trowbridge will be sold at an Acuitus commercial property auction at 1pm on Thursday, May 18.

If the sale goes through, Castle Place will have its fourth new landlord in 25 years.

The property is owned by Nexus Properties Ltd and managed by APAM, a retail investment property company.

Some of the traders on stalls in the Market Hall says they have already spoken to at least three prospective buyers during the last few days.

Shaun Clarke, of Phoenix Computer Systems, said: “We only found out when the ‘for sale’ sign was put up outside last week.

“I’ve spoken to three prospective buyers in the last week. They have realised that the business rates and rents need to come down."

Some of the traders are concerned about the future, particularly as auctioneers Acuitus are marketing Castle Place as having redevelopment potential.

Jon Skerry, of Acuitus, said: “The property may benefit from future redevelopment for a variety of uses, subject to necessary consents/permissions.”

In recent months, Castle Place has lost some major occupiers, including Shaws the Drapers, Mainlys hardware store and a McColl’s convenience shop.

Current tenants include Wilko’s, which operates the flagship store. Managers there declined to comment on the sale.

Other tenants include S K Fruits, where owner Ramy Bader, 35, only bought the business from previous owner Nick Browning two months ago.

Mr Bader said: “I have just signed a new lease contract for five years. Trade here is good but it will be bad for my business if they sell it.”

Paul McKinley, of Castle Place Butchers, is worried about the drop in trade. Photo: Trevor Porter 69832-2 (Image: Trevor Porter)

Across the mall at Castle Place Butchers, owner Paul McKinley, 62, was also downbeat about the sale.

He’s been struggling with the huge hike in electricity bills and was forced to borrow £30,000 at Christmas to help pay his bills.

“I have a two-year clause in my contract but when I enquired about it, they said it came up six months ago.

“If they want to sell the place, why don’t they just let us go. The landlords are not doing anything. They are not even advertising the vacant shops.”

Zia Uddin, of Classic Fone, is worried about future of his business. Photo: Trevor Porter 69832-1 (Image: Trevor Porter)

Zia Uddin, the owner of Classic Fone, said: “They didn’t tell us they were going to sell it. We have people coming to look at it and they were asking questions.”

Mr Uddin, 45, is also struggling financially as the centre's footfall is low because of all the empty units.

“If the rent stays the same, I will stay but I will go if it goes up,” said Mr Uddin, who commutes in from Chippenham.

Deborah Fox, of Ann's Trimmings, says the centre needs fresh investment. Photo: Trevor Porter 69832-3 (Image: Trevor Porter)

Deborah Fox operates the popular Ann's Trimmings haberdashery stall in the Market Hall.

She said: “I don’t know what the fuss is about. The shopping centre has changed hands several times over the past few years.

“The whole place needs a lot of money spending on it. It’s been allowed to go to rack and ruin over the years.”

The centre provides 6,546 square metres (70,469 sq ft) of space and occupies a proiminent 1.73-acre site. It generates a gross annual rent of £392,092.

Mr Skerry said: “Assets of this size, and located in popular towns such as Trowbridge, often catch the eye of investors looking for investments with future potential.”