Cheltenham Borough Council would sell Coronation Square car park to attract a developer
CORONATION Square's car park could be sold to a private investor to kick-start the regeneration of the rundown shopping centre.
Cheltenham Borough Council has revealed that it would sell the car park off Princess Elizabeth Way if it helped to attract a developer to revamp Coronation Square, where almost half the shop units are empty.
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Change ahead? Coronation Square car park in Hester's Way, Inset left, Andy Hayes
CBRE Property Trust, the leaseholder of the shopping centre, has put it up for sale, but has not yet attracted a buyer.
It is thought investors would be more interested in the centre if the car park land was part of the deal, as it would double the footprint of the site.
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David Roberts, head of property and asset management at the borough council, said: "CBRE Property Trust are the leaseholders of the centre and they manage and sublet the various property units.
"They have been seeking to dispose of their interest in Coronation Square, and we have engaged with prospective purchasers with the view to encouraging investment in the site, including the car park if it would help in the regeneration of the centre."
Plans for Coronation Square once included a transformation worth £10 million with a Tesco store and other shops and cafes, but the development was dropped after an Asda opened in Up Hatherley.
Andy Hayes, manager of the Hester's Way Partnership, a charity set up to improve the fortunes of the area, has welcomed the news the council would sell the car park.
He said: "The centre has become an eyesore and stands out even more since the regeneration of the housing around it.
"A new centre would signal a change in fortunes for Hester's Way and provide the amenities and an economic impetus the area needs.
"Adding the car park as an incentive to attract a new purchaser is welcome news and would no doubt improve the chances of a sale."
2 Comments
by bonnie54
Friday, February 22 2013, 12:58PM
“Would be good to have a bigger & new shopping centre. People from this area won't all be able to get to Asda. It's not as if GCHQ were paying to park in this car park, choosing instead, to block the roads opposite the library & dozens of surrounding roads. Hopefully the road alongside the shops will have the ever increasing potholes filled in also. This would all make a huge great difference in improving this area.”
by Matt1006
Friday, February 22 2013, 9:41AM
“...presumably with a stipulation that the car park is retained for parking use, and not to be carved up with dozens of new homes?
If developers think they can stick a load of cheap new homes on the car park land, they might be interested. If however they are forced to retain the car park (and repair / maintain it) as part of an overall redevelopment scheme, they might not see the car park's inclusion into the deal as much of an incentive.”