MELL Square Shopping Centre has been put up for sale.
Leaseholders Aviva Investors and owners Solihull Council had refused to confirm whether they were selling Mell Square, a central part of the borough’s shopping centre since the sixties.
But commercial property advisors CBRE let slip this week, that they have been appointed for the sale.
Stewart Colderick, CBRE shopping centre investment executive director, exclusively told the Solihull News: “We can’t deny that we’re selling it.
“We intended to do it in a targeted and private basis. It slipped out to the press.
“The people looking at it are under a non-disclosure agreement. It is confidential.”
It is believed that the company are looking to sell Mell Square for around £50million, a seven per cent yield.
However, Paul Round, centre manager, said he was not aware of the sale while Steve Ainger, media relations manager for Aviva Investors, said there was “nothing we can add to the story.”
A Solihull Council spokesman added: “Aviva has a long lease from the council and as a result control the Mell Square development.
“Any decision to sell the asset would be theirs and the council is not in a position to comment on it being sold or bought.”
Built in 1967, Mell Square boasts around 90 stores including Argos, New Look and Sainsbury’s although recently stores such as Giftastic have been left vacant.
Traders, faced by the current economic climate, have also claimed business has been hit since the borough council introduced pay-and-display at Mell Square car park, angering shoppers.