Shopping centre and station sold for £3.5m

APROPERTY company based in Northern Ireland has announced it has purchased a shopping centre and bus station in Somerset – which has been on the market for £3.5 million.

The Martin Property Group says it has bought Glovers Walk in Yeovil town centre and there is hope locally that it could lead to “exciting plans” for the area.

The company revealed the deal on Twitter, hinting at redevelopment plans.

A business chief said earlier in 2018 that the shopping area had been in “decline for decades” and the local council has made regenerating it a priority as part of the ‘Yeovil Refresh’ project.

South Somerset District Council confirmed it was aware of the sale.

The original tweet announcing the sale said: “Martin Property Group are delighted to have acquired Glovers Walk Shopping Centre as well as the town centre bus station in Yeovil, Somerset.

“We now have four shopping centres under redevelopment alongside our other commercial and residential projects across the UK & Ireland.”

Fawcett Mead, the agents marketing the shopping centre, had recently been listing it as ‘under offer’ on its website.

However it is not known what sum the Martin Property Group paid.

The deal means ownership of Glovers Walk – and the buildings housing numerous shops within it – transferring from previous owners Columbia Threadneedle to the Martin Property Group.

Basic facilities – such as an escalator – have long been faulty and seemingly in need of modernisation at the shopping centre.

South Somerset District Council is one of the tenants affected by the sale as it lets properties that come as part of the shopping centre, including the bus station.

The council confirmed it was aware of the Martin Property Group investment on Thursday.

Peter Gubbins, a district councillor and executive member of Yeovil Refresh and chairman of Area South, said: “We are delighted that the Martin Group is investing in Yeovil, which we see as another sign of confidence in the town.

“It is early days but the council will, through Yeovil Refresh, be looking to work with the Martin Group along with other stakeholders and investors to shape exciting plans which will add to the vibrancy of the town centre as a place to live, work, shop and visit.”