The director of the company managing Idlewells Shopping Centre in Sutton-in-Ashfield says there is “lots of potential” for the site after it was put up for sale for £3m.
The centre, off Market Street, has 40 retail units, a café, a market hall, and a multi-storey car park with around 250 spaces.
Some of the current occupiers include JD Sports, B&M, Specsavers, Greggs, Scrivens, Boots, Superdrug, Vodafone, Holland & Barrett, and Peacocks.
The centre, which is owned by the London-based investment company Midos Group and managed by the Leicester-based Davlea Estates, will be put up for auction on 12 December.
It has a guide price of up to £3.5m.
David Reisner, director of Davlea Estates, told the Local Democracy Reporting Service that there has been a “huge amount of interest” and that he expects a bidding war.
“We can confirm that the decision has been made to list the Idlewells Shopping Centre, Sutton-in-Ashfield, for auction with Acuitus in the coming weeks,” he said.
“The decision comes as we look to realign our portfolio of properties and is in no way related to the performance of the centre, which continues to attract over three million visitors each year.”
Back in 2021, the shopping centre celebrated its 50th anniversary.
After being acquired by Davlea Estates in April 2023, the centre was refurbished.
Mr Reisner said the site has “lots of potential”, including the possibility of redeveloping a disused underground car park.
“It would be ideal for a local business to think of a use to bring it back into action,” he said.
“We were thinking bowling, cinema, or some sort of leisure use.
“Any prospective buyer will inherit a shopping centre with a strong retail offering, several cafés, a thriving market, regular events, and strong interest in every available unit.
“The site will remain as a shopping centre in the coming years, providing a strong retail offer for the residents of Sutton and the surrounding areas.”
Ashfield District Council currently operates a market inside the centre.
The market area also underwent refurbishment works costing £1.8m, which began in 2017.
The Ashfield Independent-run council says the sale will not have an impact on the market.
“We are not directly affected by this sale as a council,” a spokesperson for the authority said.
Midos Group was also contacted for comment.
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