Rugby’s open air shopping complex the Swan Centre has been sold to Caracal Properties in a deal worth more than £3,000,000.
Property consultancy Harris Lamb was instructed by former owners to sell the centre, and Head of Retail, David Walton, said there had been competitive bidding from potential buyers keen to take on the site.
The business has now been retained by the new owners to let the vacant retail units at the Chapel Street shopping centre.
David said: “This was a fantastic opportunity for Caracal – in all, the centre comprises 16 retail units at the heart of the town centre, with close proximity to the town’s Clock Towers Shopping centre and the recent Asda development, which both offer a combined 429 car parking spaces for visitors to the town.
“The Centre has a number of the units already let to retailers including Costa Coffee, Bet Fred and The Entertainer.”
The Retail team is now marketing units at the centre, ranging from 500 sq ft to 4,036 sq ft, to potential new occupiers seeking a presence in the thriving town centre.
In addition, Caracal has secured a change of use on the former Co Operative building to enable it to be transformed into a restaurant quarter. Renamed Chapel Street Dining, the retail team is targeting high-profile restaurant chains to attract them to the site.
David added: “We’re delighted to have completed this sale, and to have been retained by Caracal to let the vacant units at the centre. This is a really exciting opportunity to be a part of Rugby’s renaissance. The town has undergone a new lease of life in recent months with significant investment being ploughed into its improvement. Caracal Properties has recognised that potential and we’ll be working closely with them to identify suitable new occupiers in-keeping with the surrounding retailers.”
Aftab Gaffar, Managing Director of Rugby First said: “It’s great to hear that the sale has now been completed and Caracal Properties investment in the town centre will provide a significant boost to the local economy. They have some exciting plans for the Swan Centre and I hope to see these progress quickly now the sale has gone through, further enhancing the town centre offer and creating more jobs.
Rugby First, along with the Council will work with the new landlords to bring this area back into use and help attract more visitors to the town centre. We have already started to see new investment in the surrounding area with the refurbishment of the Clock Towers Shopping Centre, the opening of the ‘World Rugby Hall of Fame’ and the recent announcement to turn the old Marks & Spencer unit into an exciting chocolate factory and museum visitor attraction.
“Our town centre is changing and faces a number of challenges like many others across the country but it continues to attract investment. Rugby is an established Market town and one of the fastest growing boroughs in the country, with major housing, retail and employment developments. Rugby First with its stakeholders is committed to support the creation of a town centre fit for the future and this development will undoubtedly help realise this vision.”