£29m price tag on town shopping site
THE CURRENT OWNERS HAVE OWNED THE CENTRE FOR 7 YEARS
COOPERS Square Shopping Centre in Burton town centre has been put on the market for £29.1 million.
The figure is a fraction of the price it was bought for when it was sold in 2015.
It comes seven years after New Frontier Properties spent £97 million buying the shopping centre, which boasts Marks & Spencer, Boots, Primark and New Look as some of its biggest names. It also bought Middlesbrough’s Cleveland Centre for £85 million at the same time.
The firm offered no comment when approached by the Burton Mail about the sale. The shopping centre is being marketed online by London-based estate agents Allsop as a 482,264 sq ft centre with a property manager on site, security system and storage space.
There is also first-floor and office accommodation on the upper floors. It has 800 car parking spaces and an annual footfall of nine million people, the marketing report states.
New Frontier Properties, a Mauritian incorporated and UK tax resident company, purchased Coopers Square from F&C Reit in 2015 for £97 million.
At the same time it also purchased The Cleveland Centre for £85 million. However, in January this year, the firm sold it to Middlesbrough Council for just £12 million - a loss of £73 million.
In 2020 it was revealed New Frontier
Properties sold Coopers Square’s Primark store to a mystery buyer for £6.7 million to buy off an outstanding bank debt.
In October 2021, the shopping centre’s longstanding manager Dave Chadfield retired and Lynette Howgate took over the reins.
In recent years, the shopping centre has seen some closures, including clothing chains Monsoon and Accessorize and Topshop, chocolatier Thornton’s, and travel agent Thomas Cook.