A shopping centre is set to be given a makeover after changing hands in a multi-million pound deal.
Emery Gate in the centre of Chippenham has been acquired by property developer Acorn in what is the London-based group’s largest commercial investment.
The 90,000 sq ft undercover centre, pictured, and the adjoining former Woolworths building are home to a mix of national retail brands including as Tesco, Costa, Poundland and Sports Direct as well as a range of independent retailers.
The centre, which was sold in an off-market deal by Exeter-headquartered property group Eagle One for an undisclosed sum, is almost fully occupied – its vacancy rate of just 5% compares to the national average of 19%.
Acorn said the centre on Chippenham High Street had “tremendous potential” for further development with proposals including improving its links to a park at its rear and the River Avon.
The firm, which has created residential and mixed-used developments across London and the South West, is also looking to provide co-working space on the vacant upper floors of the former Woolworths building.
A spokesman said: “The objective is to create a destination which will include leisure, food and beverage units and additional multi-user commercial space.”
Acorn described the acquisition as a major step in its commitment to invest long term in the region’s commercial sector, where it sees scope for regeneration projects.
Acorn head of commercial property Dane Cummings said: “Already a bustling destination, the centre offers a lot of potential for growth and redevelopment to grow the already healthy footfall.
“Chippenham is a historical town with a young growing population, and with its tremendous train and road links to Bristol, Bath and London, we believe it will continue to thrive and grow in popularity.”
