The freehold to one of the key shopping centres in Trowbridge is to be sold at an auction later this month.

The Castle Place Shopping Centre, which dates from 1974, has been put up for sale with a guide price of £400,000.

It will be sold at the forthcoming Acuitus commercial property auction on Thursday, May 18.

Castle Place has lost several tenants in recent months, including Shaws the Drapers, Mainlys hardware store and a McColl’s convenience shop.

Some years ago, J D Wetherspoon’s Sir Isaac Pitman pub in a listed building on Market Street also closed.

Wiltshire Times: Castle Place shopping centre could be sold at public auction

The potential sale of the shopping centre could call into question the future of the 500-space St Stephen’s Place multi-storey car park which backs onto Castle Place.

Castle Place shopping centre is owned by property firm APAM, which also owns St Stephen’s Place.

Cllr Stewart Palmen, the leader of Trowbridge Town Council, said he would like to see the whole site redeveloped for retail and leisure purposes, with possible residential housing included.

"I am pleased to see that the owners have put it up for sale and hope that it goes to somebody who is able to redevelop it into something useful for the town."

The prominent town-centre shopping centre located on Market Street in Trowbridge currently generates £392,092 a year in gross rent for its owner, it is claimed.

The shopping centre is home to 12 ground floor retail units, together with a council-run leisure centre and office accommodation on the first and second floors.

Castle Place also provides three kiosks, an indoor market hall with space for approximately 33 stalls, as well as car parking spaces on the roof.

Jon Skerry, of Acuitus, said: “Assets of this size, and located in popular towns such as Trowbridge, often catch the eye of investors looking for investments with future potential.

“Castle Place may benefit from future redevelopment for a variety of uses, subject to necessary consents/permissions.”

At one point, there was speculation that Castle Place could be redeveloped as part of Wiltshire Council’s £23 million Future High Street Fund bid for government cash.

But the possibility fell through when Trowbridge was awarded only £16.3 million, and £8.9m of those funds are being spent on the redevelopment of the 19th Century Town Hall.

The remainder is being invested into breathing new life into Trowbridge town centre with road and pavement improvements to make access easier for pedestrians and cyclists.

The aim is to redirect traffic flows, introduce new pedestrian links and cycleways, and make the town centre more accessible from the Innox Mills development right through to St Stephen’s Place.

The council is also trying to encourage more businesses to occupy around 70 vacant commercial premises and create more residential accommodation.

The Acuitus auction will take place on Thursday, May 18 at 1pm. It will be broadcast via livestream on the Acuitus website and offers online, telephone and proxy bidding.