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.
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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.
Investor
"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."
Comments
by yumtum20
Monday, September 17 2012, 11:32PM
“For your information ClonedChelt, i lived in India house for two years and then three more in Welch Road. So dont tell me i dont know what i am on about or label me scum. The difference with me was that i knew i wanted to live in a nicer/better area and also worked bloody hard to afford to leave and buy a house of my own. You are just as ignorant as any body else! The best thing about having lived in such a **** area is that when you leave you appreciate how nice other areas can be. I also have three children who have never been in trouble and are all now very hard working. Also, I dont live in Charlton Kings or Hatherley but they are definitely better than the Square!”
by chr1582
Monday, September 17 2012, 9:55PM
“I am the new store manager at Farmfoods (pictured) and quite frankly i really hope they bulldoze the whole site and relocate it elsewhere. My job is obviously to run the store and make sure the honest citizens of this world are happy with their shopping experience with us however i find myself time and again wasting my time stopping shoplifters, moving on trouble makers and generally making sure my staff and customers are safe from the local youths and other people who have no interest in being honest shoppers. I am fed up with ringing the police and quite frankly i bet theyre sick of me too.
My biggest wish for my store is relocation to a nicer and more respectable area away from the minority of scumbags who make my life harder than it should be!”
by ClonedChelt
Monday, September 17 2012, 8:55PM
“yumtum20, intheForest, thomas1996, cortezcortez and all the others who come on here and carry on as if your better than everybody else, your the scum. You come on here and tar everybody with the same damn brush. I live in the area and work bloody hard, I have done since I left school over 20 years a go. I have 3 kids who've never been in trouble and never will be. I'm getting sick and tired of people coming on here thinking there better than I am because they live elsewhere in the town. The last I heard Charlton Kings and Up hatherley aren't exactly idealic places to live in Cheltenham anymore, but it's always the square residents that get slated. There are bad eggs here, but no more than anywhere else in cheltenham. Coronation square has been allowed to become the eye sore that it is now by a badly run management who can't drop the rents to get traders interested, and have no interest in redevelopment. The sooner they sell it the better. The Cheltenham Borough Council and Local Police should also be doing more in the area.”
by Gilbertlad
Monday, September 17 2012, 8:25PM
“@ thomas1996
"The new white sports car in the picture looks a bit out of place.....
Your not wrong fella.... I was looking for the Aston Martin dealer, satnav said I was near but gave up and went to Bristol instead.......”
by FreeRadical1
Monday, September 17 2012, 5:03PM
“Thomas, the car is being driven on Princess Elizabeth Way, an important arterial route. There is no suggestion that the car even belongs to anyone who lives in the area.”
by bonzaharris1
Sunday, September 16 2012, 11:10PM
“Perhaps Tescos will put in an offer ... after all ... you can never have too many Tescos !!”
by yumtum20
Sunday, September 16 2012, 9:31PM
“Maybe they should put it on Ebay for sale. I will gladly put a high bid of a tenner on it. Should be enough i reckon.”
by intheForest
Sunday, September 16 2012, 10:37AM
“thomas1996
The local dealer ? or Pimp”
by thomas1996
Saturday, September 15 2012, 9:21PM
“The new white sports car in the picture looks a bit out of place.....
...... maybe it's been stolen by a nearby resident?”
by cortezcortez
Saturday, September 15 2012, 6:38PM
“Knock it down and build a nice big cage on the site then put all the scum in it . I worked in the butchers next to the cake shop in 1975 as you say FreeRadical1 it was ok then”