Coventry shopping centre sold in £4.85m deal

A Coventry shopping centre has new owners after an unnamed London investor snapped up the West Orchards mall in a deal worth £4.85m.

The 220,000 sq ft shopping centre had been up for sale at a guide price of £5.5m.

It has suffered in recent times, with Debenhams, Peacocks and Bonmarche stores all closing down. The mall’s remaining flagship store, Marks and Spencer, has a lease until 2087.

The shopping centre is owned by Coventry City Council. A spokesperson told the BBC: “We are pleased that West Orchards has sold at auction – this shows confidence in the city in challenging times.

“As freeholder of the site we will be in contact with the new owners in due course and we look forward to a positive working relationship that will see us get the best out of this important city centre site.”

Alsopp were auctioneers on the sale.