Although shopping centres have become highly sought after assets it appears there are still some that fail to capture the imagination of private investors.
This has seen the Weaver Square shopping centre in Northwich come under the ownership of the local council which hopes to turn around its recent run of poor fortune.
Weaver Square shopping centre has faced numerous problems in recent years which have seen the once popular retail destination deteriorate. As a result, a significant level of investment is required in order to attract new tenants to revitalise the ailing property.
Troubles began in August 2012 when receivers took over the management of the centre from former owner Weaver Square Investments Ltd and ownership passed on to Nationwide.
This week, Cheshire West and Chester Council (CWAC) confirmed that it has now acquired the lease to the centre and will examine a number of different avenues to realise its strategic value to the ongoing regeneration of Northwich town centre.
Winnington and Castle Ward representative for the local authority, Councillor Sam Naylor, believes that the takeover is a positive step in revitalising Weaver Square shopping centre.
He says; “I’m glad that the council has ended the uncertainty surrounding Weaver Square by taking ownership initiative and look forward to hearing about future development plans in due course.
“I very much hope that CWAC will consult on its new vision for Weaver Square and that the result of that consultation reflects the wishes of those members of the public who have participated.”
CWAC owns the land upon which the 1960s centre was constructed, but until this week has had only minimal involvement with the running of the centre itself. This has now changed, with the local authority’s estates management team taking over landlord duties for the 22 existing tenants.
Executive member for culture and economy at CWAC, Councillor Stuart Parker, has confirmed that all tenant agreements will be upheld by the council for the foreseeable future.
He said; “All the existing tenants will be able to occupy the shopping centre under the terms of their current agreement and we will be talking to our existing tenants, together with other stakeholders in the near future.
“Given that many of the units are currently empty, one of our aims will be to consider how we can improve this situation in the short term.”
As Councillor Parker points out, vacancy rates are certainly a problem at Weaver Square, with 21 units currently unoccupied. In part, this has been blamed on the centre’s current state of repair – something which will presumably have to be rectified before any further tenancy agreements can be made.
Councillor Parker concludes; “We are very much aware of local concerns over the condition of Weaver Square, particularly with a view to its strategically important position in the town centre.”
