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.”
How the high street decline is driving a shift in the commercial property market.
One of the best ways to find properties below market price is to look at recent administrations.
Find businesses for sale here.
We are informed by the owner the turnover currently averages £17,000 per week with a gross profit of 20% approx. Post office income in the region of £30,000 per annum, wholesale newsbill £800 per week.
LEASEHOLD
This supermarket, counter news, off-licence, with bakery section and post office (2 counters) is located in a prominent corner position property, excellent main road trading position, residential and commercial area.
LEASEHOLD
An industrial unit. cctv (12 cameras). single fronted with roller door and vehicular access. concrete floor, brick walls and glass roof. 2 epos cash positions, commercial printer, adjustable shelves.
LEASEHOLD
03
|
May
|
Three Aberdeen legal firms merge to form all-service provider | MERGER
Three prominent Aberdeen legal businesses have merged to for...
03
|
May
|
BGF-backed asbestos services firm makes third acquisition | BUSINESS SALE
Environmental Essentials, a specialist asbestos services fir...
03
|
May
|
Logistics firm acquires pair of Derbyshire businesses | BUSINESS SALE
A logistics firm headquartered in Preston has acquired a pai...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.