Coronation Square in Hester's Way up for sale
RUN down shopping centre Coronation Square is up for sale.
A new investor is being sought to take over the Hester's Way site.
The owners of the lease, who bought it in 2007, once talked about developing the area, but have now decided to sell up.
The plans for the site once included a £10 million renovation, backed by Tesco, which would have brought new shops and cafes.
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But the developers behind it said the new Asda in Up Hatherley torpedoed the scheme.
This week, a spokesman for property investment manager CBRE Global Investors, confirmed the lease was owned by one of its clients.
He said: "For four years we liaised closely with Cheltenham Borough Council so that our scheme fitted in with the council's masterplan for the regeneration of the wider area.
"However, the credit crunch induced property crash followed by the continuing severe recession has drastically affected the site's development viability.
"Against this economic backdrop and other competing schemes, including the new Asda on Hatherley Lane, we have explored a number of different options for the site.
"These would improve it for all current tenants and attract new occupiers keen to be part of a regenerated scheme.
"We would have liked to have delivered on one of these schemes, but the client of this fund has now decided to wind down the fund and sell all its assets.
"Therefore we are shortly to seek an investor to buy the scheme in consultation with Cheltenham Borough Council who will be able to deliver a scheme that the site and the tenants deserve."
Traders at the square are calling for investment.
Jenny Butters, who co-owns fishing shop Be Lucky Angling with her husband, said: "It was a thriving shopping centre when we took the lease on nine years ago and now it's a ghost town. We only survive because we are a specialist shop, there's no passing trade whatsoever."
David Roberts, head of property and asset management at Cheltenham Borough Council said: "We are aware of the concerns surrounding Coronation Square and the empty retail units.
"Any pressure from the community would be welcomed and feedback would go to the leaseholders of the units.
"We understand they are looking to dispose of their interest and if this happens, they will not be redeveloping.
"They are, however, talking to interested parties and we would of course be keen to talk to any new tenants about driving things forward to improve the area."