Tue, 13 Sep 2011 | BUSINESS SALE
Beechwood Shopping Centre in High Street, Cheltenham, has been put up for sale by its owner, the US-based fund manager Blackrock.
The 20-year-old, 140,000 sq ft shopping arcade has an asking price of £36.7 million, and, according to the manager of the centre, has already received an offer.
Manager Owen Acland confirmed to This is Gloucestershire, “The centre has been on the market and is currently under offer to be sold.”
The bidder is understood to be Legal and General, the investment and insurance firm, whose rumoured offer is around the £32 million mark.
Currently, the shopping centre includes brand names such as department store Debenhams, the Disney store and homewares chain Cargo. The retailers pay an annual rent of about £45,000 per 1,000 sq ft for their position within the centre.
Cheltenham town centre manager, Martin Quantock, told the newspaper, “I'm not sure why it's up for sale but I suspect there's a view to it being redeveloped.
“In the economic climate we are in it's a good time to buy property – prices are deflated as the economy is on a bit of a downer and it can be a good time to invest," he added.
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