The St Elli Shopping Centre in Llanelli is to be sold at auction, specialist commercial property auctioneers Acuitus have revealed.
Built in 1997, the shopping centre is let to businesses including Sports Direct, Wilkinson’s, Greggs, Card Factory, Poundland and Principality Building Society. It features a 450 space surface level car park and is steps away from the town’s main bus station.
The adjoining 70,000sq ft ASDA superstore is not included within the sale.
According to the sales information, the shopping centre currently produces an income of £632,677pa. It has a guide price of £1.95m.
St Elli was most recently sold in 2013 to London-based NewRiver Retail Ltd by insurance giant AXA on a freehold basis for £29.2m.
Llanelli town centre has struggled in recent years with the growth of out-of-town shopping areas such as the nearby Parc Trostre and Parc Pemberton, along with the growth of internet shopping and the closure of a number of big brand retail stores.
Acuitus Director, Peter Mayo remains positive about the sale however saying: “Shopping centres in key locations are attractive to private investors. This is an opportunity to own the main retailing location within the town, following news of the £3m regeneration scheme, which plans to connect the town centre to Eastgate with walkways and provide new restaurants, apartments, and office space”.
The popular Tom Peppers nightclub between the shopping centre and the Eastgate complex is due for demolition, to be replaced with a new development linking the retail and leisure areas. It has been designed by former Llanelli Mayor and local architect David Darkin.