New owner for West Orchards shopping centre in Coventry

West Orchards Shopping Centre has lost retail tenants amid the coronavirus pandemic

New owners have taken on the leasehold for a Coventry shopping centre amid "challenging times" and the loss of retailers.

West Orchards has been acquired at auction for £4.85m by an unnamed London-based investor.

It paid below the guide price, set at £5.5m.

The council, the site's freeholder, said the sale showed "confidence" in the city, which has lost flagship stores amid the coronavirus pandemic.

Debenhams, which went into administration in November, had a flagship store at West Orchards, which also lost tenants Peacocks and Bonmarche.

The remaining flagship store, Marks and Spencer, holds a lease which expires in 2087.

The 219,503 sq ft centre on Smithford Way had a footfall of 7.1m in 2019, according to the Local Democracy Reporting Service which said the site was valued eight years ago at £37m.

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"We are pleased that West Orchards has sold at auction - this shows confidence in the city in challenging times," a Coventry City Council spokesman said.

"As freeholder of the site we will be in contact with the new owners in due course and we look forward to a positive working relationship that will see us get the best out of this important city centre site."

Auctioneers Alsopp said the new owners were "keen to get stuck in" and improve the site.

"We had over 100 people who looked at the details but the ultimate buyer is very energetic about it," George Walker, from the auction house, said.