Property investor Tahir Ali has bought Castle Place shopping centre in the affluent Wiltshire County town of Trowbridge for £534,000 at auction, following it being brought to market for the third time in six months.
Last May it was sold at auction for £1.2 million but that sale failed to proceed. In September the property was withdrawn prior to auction and was sold at auction in December after a fierce bidding war.
The new owner has ambitious plans to work together with the key stakeholders across Wiltshire and Trowbridge to seek to bring about the most positive result for the site and the local community.
Castle Place is located in a strategic town centre location next to the historic Trowbridge Town Hall arts centre, which is undergoing a major £9 million refurbishment. The 1.75-acre Castle Place site will provide retail, leisure, and creative space as well as office accommodation, an indoor market and free car parking.
Trowbridge has the earliest recorded Royal Market Charter in Wiltshire and was the centre of Britain’s woollen cloth industry for centuries. Set in the Wiltshire countryside, Trowbridge’s historic buildings and direct rail and road transport links to London, Bath and Bristol make it a popular shopping and tourist destination.
The main entrance to Castle Place is situated prominently on Market Street in Trowbridge town centre. Directly behind Castle Place is St Stephens Place where the Odeon Cinema and many restaurants can be found along with the attractive and spacious Trowbridge Town Park with sport and play facilities. The Shires shopping centre and Trowbridge Museum are just a short walk away.
Mr Ali said: “While there have previously been plans to redevelop the entire site, our focus is firmly on working together with Wiltshire Council and other key stakeholders in Wiltshire and Trowbridge to seek to bring about the most positive result for the site and the local community.
“Castle Place offers a range of units for retailers at a time when there is a shortage of larger retail units within Trowbridge town centre available to rent. While The Shires is pretty much fully let, we can now offer retailers good quality space at extremely competitive rents which come with the benefit of free parking at the multi storey car park directly adjoining the Centre.
“Very rarely do you get large retail or leisure units in a Town Centre that have the benefit of completely free car parking and it was this that drew me to purchase the site.
“We are keen to bring these units to the market and are confident that the space on offer will generate interest among a range of leisure and retail operators with the potential to turn around the fortunes of Castle Place shopping centre.
“While these may be challenging times economically, we are determined to do what’s best for the centre, the site, and the local community.
“I am coming in with a completely blank canvas when it comes to ideas and the direction for the site and am looking forwards to making new business contacts and friends in the area. My goal is to forge valuable partnerships within the local area.
“We have previously brought about positive change to other large retail and shopping centre sites effectively and successfully in Scotland and the North of England and are keen to work alongside our neighbours to deliver something positive that the whole community can benefit from and which should help draw in visitors from the surrounding region.”
The 70,469 sq. ft. shopping centre is a substantial covered scheme currently providing numerous ground floor retail units, and a long running Market Hall together with the Council run leisure centre and some office accommodation on the first and second floors fronting onto Market Street.
The lower ground floor directly backs onto Trowbridge Town Park and offers exciting commercial and leisure opportunities.
ENDS
For further information and details on available units please contact Trowbridge Chamber at investintrowbridge@gmail.com
Issued by Liquorice Media tel 0141 332 4935 www.liquorice-media.com
Date: 27 Feb24