Business

Somerset Bus Station and Shopping Centre Gets Sold – Could Mean “Exciting Plans”

A Somerset bus station and shopping centre, which has been on the market for 3.5 million Euros, has been purchased by the Martin Property Group.

On November 8, South Somerset District Council verified its awareness of the sale.

According to the property company, which is based in Northern Ireland, the purchase of Yeovil town centre’s Glovers Walk could mean exciting plans for the area. A Twitter post by the company, concerning the deal, hinted at “re-development” plans.

The original tweet, posted on Friday, November 2, said that the company now has under re-development four shopping centres, alongside other residential and commercial projects across UK and Ireland.

The Martin Property Group is a family run business that focuses on repositioning retail, residential, commercial, and industrial assets.

Of the 3.5million price tag placed by Fawcett Mead, the marketing agents for the shopping centre, the sum paid by the Martin Property Group for Glovers Walk is unknown.

The sale means that Columbia Threadneedle has transferred Glovers Walk ownership to the Martin Property Group. This includes the structures housing various shops.

The shopping centre has been in decline for decades, with basic facilities being out of use and seemingly in need of modernisation.

Executive member of Yeovil Refresh and district councillor, Peter Gubbins, said that Martin Group’s investment in Yeovil is another sign of confidence in the town. He also said that the Council will work with Martin Group and other investors and stakeholders to create exciting plans that will add to the appeal of the town centre.

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