Good news for Cumbernauld economy as administrators confirm buyer found for doomed Antonine Shopping Centre

Administrators have confirmed a buyer has been found for the centre, which went up for sale last year

The Antonine Shopping Centre in Cumbernauld has been saved from administration after it was bought by a new joint venture company.

In March this year we told how administrators had been appointed to the shopping centre following pressure from creditors.

That's after a buyer could not be found for the £9m valued retail venture.

However, the future for the centre is now bright with a new company being formed for the acquisition.

That will see a partnership between Belgate Estates and Tracey Investments, known as Beltrace (Antonine), the sale price has not been disclosed.

Director of the new firm, Scott Howie, said: “We are delighted to have acquired this excellent regional shopping centre which will be at the heart of North Lanarkshire Council’s plans for revitalising Cumbernauld town centre.

"We have a long-term vision for Antonine which we believe will provide vibrancy to the town and we look forward to working with local stakeholders to ensure the town’s continued success.”

The news was confirmed by accountancy firm, Azets, who had been assigned as administrators.

James Fennessey from Azets added: “We are delighted to have secured a sale of the Antonine Shopping Centre.

“The sale is an excellent outcome for the centre and we wish the new owners every success with their future plans.

“We would also like to thank the retailers, tenants, staff and customers for their support during the administration which has been essential whilst we continued to trade the business.”

The deal includes the sale of the 200,000 ft shopping centre and all connected assets, including 42 retail units and nearly 1100 car parking spaces.

The centre will continue to trade as the Antonine Shopping Centre.