The Red Rose Centre is currently in a poor state. With this purchase, the Council has an opportunity to regenerate the town centre. Our estate agents in Sutton Coldfield welcome this initiative.
Birmingham City Council has confirmed it has bought the Red Rose Shopping Centre, which is the home of the Sutton Coldfield’s main library and Victoria Road car park, a council-run, multi-story car park, as well as a number of shops and a pub.
This complex was built in the 1970’s, it has 101,321 square feet and it is located opposite the Gracechurch Centre. The city council was renting the upper floors of the building, which are 25,300 square feet, and includes the library and the adjacent 550-space car park. They complained that its lease agreements contained “onerous clauses” which obstructed its capacity to manage both facilities effectively.
The rest of the building is fully let by several national retailers, including Sainsbury’s, Wilko, Greggs, Specsavers and Thomas Cook. The total rental (counting what the council and all the retailers pay) is £821,725 a year.
Ironically, last 22nd of January, the City Council confirmed that it had sold the new Grand Central Shopping Centre in Birmingham for £335 million to Hammerson, which also owns the Bullring centre.
In addition, last week, it was announced that another run-down shopping centre, Central Square, in Erdington was going to be rebranded and renovated to contain a new cinema and restaurants.
The City Council had already plans in 2009 to regenerate Sutton Coldfield town centre and create new civic buildings, add more space for shops and renovate the ring road in order to reduce congestion. However all these plans have been on hold because of the economic downturn. This could be a first step.
Sutton Coldfield is one of the most prosperous areas in Birmingham, a very attractive suburb because of its great connections with the city centre, its wonderful park and its variety of leisure options. With the regeneration of its town centre it will be an even more desirable place to live.
If you are a homeowner in Sutton Coldfield and want to sell your property for more, call us on 0800 862 0870.
Source: Sutton Coldfield Observer