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.
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."