Idlewells sold for £16.1m

Alexandra Burke performing at the City Hall in Sheffield
Alexandra Burke performing at the City Hall in Sheffield

SUTTON’S Idlewells Shopping Centre is to change hands after an investment firm stumped up £16.1m.

The sale of the town centre site is set to finalised by FTSE 250 listed property firm, Helical Bar, at the end of this month.

The Idlewells is currently owned by the by Royal Mail Pension Trustees Ltd and administered by LaSalle Investment Management.

There are around 45 tenants trading at the 140,000sqft building, including national chains Argos, New Look and Superdrug.

It also hosts the town’s indoor market, where there are around 30 stalls selling a range of goods, from fresh fruit and vegetables to toys and games.

The Idlewells was developed into an open-air precinct in the late 1960s and became an indoor shopping centre in the 1990s.

The building is fully covered by a glass roof.

Duncan Walker, Helical Bar senior development executive, said the Idlewells was performing well in a time when other similar shopping centres were struggling because of the economic downturn.

“It’s not the case that we are looking to come in and knock everything down to start all over again,” he said.

“The Idlewells is not broke, so we are not going to try and fix it.”

Mr Walker said the firm may look to extend some stores and it was looking to make temporary tenants permanent.

The firm could also look to revamp the cafe area.

Added Mr Walker: “There are a few cosmetic improvements we maybe would like to make but there will be more details when the purchase is completed later this month.

“What we do not want do is to be trying to make changes that the current tenants just do not want.”