A shopping centre in the Wiltshire town of Chippenham has been acquired by property investment firm Acorn for an undisclosed sum. The off-market deal for Emery Gate is Acorn's largest commercial investment to date.
The 90,000 sq ft undercover centre and former Woolworths building is home to many well-known national brands such as Tesco, Costa, Poundland and Sports Direct, as well as a range of independent retailers.
Emery Gate is almost fully occupied at rebased rents with a vacancy rate of just 5% - compared to the national average of 19%. Acorn said the centre had "tremendous potential" for further commercial development.
The property business, which is known for creating residential and mixed-used developments across London and the South West, is now discussing a number of "exciting plans" to revitalise the centre, it said. The proposals include improving the centre’s links to the adjacent park and River Avon, and providing co-working space on the vacant upper floors of the building.
"The objective is to create a destination which will include leisure, food and beverage units and additional multi-user commercial space," Acorn said.
Acorn said sustainability was also "high up on the agenda" for Emery Gate, with the firm exploring new ideas to help with carbon reduction at the shopping centre.
Dane Cummings, Acorn’s head of commercial property, said: “We are thrilled to have added Emery Gate to our commercial asset portfolio. 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."
The deal for Emery Gate follows Acorn's acquisition of 129 Cumberland Road - a 15,300 sq ft office site on Bristol Harbourside - and two commercial sites in Cornwall, which will be developed to form mixed-use schemes with Acorn retaining the commercial elements.
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