Swindon's Regent Circus retail complex up for sale

The Regent Circus complex in Swindon opened in October 2014

A struggling retail and leisure complex which was bought for £40m six years ago has gone back on the market for £24m.

The Regent Circus development in Swindon opened in October 2014 with a six-screen cinema, Morrisons supermarket and five restaurants.

But three of the businesses, including Morrisons, closed within five years.

Owner UK Commercial Property Trust (UKCPT) is now looking for a buyer for the site, which still has a number of businesses operating within it.

UKCPT cited a "challenging retail environment" when the supermarket chain made the decision to close its store in the complex in October.

It said there were negotiations to find another "major national discount food retailer" to take on at least 50% of the nearly 100,000 sq ft unit.

One of the agents marketing the complex, Montagu-Evans, said there has not yet been a buyer and the owners "are still monitoring the situation".

It told The Local Democracy Reporting Service (LDRS) that any new owner could expect a net income of nearly £2m a year from rent.

Regent Circus has also struggled to fill restaurant units since it opened, and Gourmet Burger Kitchen, Coal and Tiffins Indian buffet have all closed in the past 18 months.

The site is still home to a six-screen Cineworld multiplex and restaurants Nandos, Ask Italian, Lamaya Lebanese Kitchen and Prezzo.

Swindon Borough Council's Dale Heenan said: "Covid makes it an exceptionally challenging time for any sale, so the owners should focus on working with entrepreneurs to reopen the empty units and restaurants."