Wed, 22 Mar 2023 | COMMERCIAL PROPERTY
The owner of Cumbernauld's Antonine Shopping Centre, Bridges Antonine, has filed for administration, with the 200,000 sq ft property now set to be sold. The shopping centre, built in 2007, contains 42 retail units and more than 1,000 car parking spaces, with annual footfall surpassing 3.5 million individuals.
The centre houses numerous prominent tenants, including Next, TK Maxx, TJ Hughes, Boots and JD Sports. However, after it experienced a period of creditor pressure, administrators from Azets have been appointed and tasked with finding a buyer for the centre.
All centre management personnel will remain in their positions during the sale process, which will be handled by commercial property agents. The centre was put up for sale last year by then-owner Bridges Fund Management, which sought offers of over £9 million for the site they purchased five years previously for roughly £15 million, as part of a joint venture with Scoop Asset Management.
Azets restructuring partner James Fennessey said: “The Antonine Shopping Centre is one of Scotland’s leading regional shopping centres with a range of high-quality tenants and a very strong brand name across Central Scotland.”
“The contribution of the Antonine Shopping Centre to the local economy is significant and the centre is as much a social hub and focal point for the region as it is a retail centre.”
“We would encourage interested parties to contact the administrators as soon as possible as we are keen to try and find a buyer promptly.”
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