Property group buys shopping centre

Rugby’s open air shopping complex the Swan Centre has been sold to Caracal Properties in a deal worth more than £3m.

The new owners have also 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.

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.”

Harris Lamb’s head of retail, David Walton, who led the sale of the centre, 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.”

Its retail team is now marketing units at the centre, ranging from 500 sq ft to 4,036 sq ft, to potential occupiers.

Walton added: “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.”