Shopping centre put up for sale by administrators

A shopping centre has been put on the market by administrators with a guide price of £4.5m.

Market Gates Shopping Centre in Great Yarmouth was bought by Ellandi in 2013 for £28m, but the centre was placed into administration in 2021.

A £9m extension was added in 2008 with Debenhams signed as the anchor tenant, but the store closed in January 2020, prior to the retailer collapsing into administration later that year.

Great Yarmouth's town centre manager, Jonathan Newman, said: "We've been through a long period of change and transformation in retail that was significantly accelerated through the [coronavirus] pandemic."

Marketing details suggested an estimated 4.5 million people use the shopping centre annually, and cited 60% of tenancies were held by national retailers, including Starbucks, Boots, New Look and Burger King.

The former Wilko store is being fitted out by B&M Bargains, which is due to reopen the store later in November.

Great Yarmouth Borough Council leader Carl Smith said the authority had previously expressed interest in buying the 20,740 sqm (223,247 sq ft) property, which included a multi-storey car park, but said it was not now in a position to make an offer now.

He said: "We did look at it when we first got the Future High Street Fund in 2020, and it wasn't a viable proposition.

"We instead bought Palmers, which we are now converting into The Place, a library and learning hub.

"We hope with all the investment that has gone into the market place, around £30m, people will see Great Yarmouth is on the up and that someone will come in and buy the shopping centre, which is a viable going-concern."

Jonathan Newman, manager of Great Yarmouth Town Centre Partnership, said it was not bad news that the centre was being sold at a reduced value, claiming retail property values had needed an adjustment to reflect the changes faced by retailers.

He said: "The retailers that are still on our high streets have performed well during those hard times, including the cost of living crisis.

"Bar there being any other significant traumatic changes to the high street and retail per se, the retailers that are still trading in our town and city centres have gone through a lot to adapt and survive in the current economic climate.

"And [they] are therefore likely to be more resilient to the challenges going forward and have successfully adapted to the needs and wants of consumers."

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