Cumbernauld scheme rescued out of administration
A shopping centre in Cumbernauld has been sold for an undisclosed sum after its owners collapsed into administration.
The Antonine Shopping Centre’s former owners, Bridges Antonine, appointed accountancy firm Azets in March after going bust.
The scheme has now been purchased by Beltrace Antonine, a joint venture Belgate Estates and Tracey Investments, which was formed with the sole purpose of purchasing the centre.
The 200,000 sq ft scheme opened in 2007 and is home to 42 retail units and 1,100 car parking spaces. The mall is anchored by Tk Maxx, Next, and TJ Hughes.
Scott Howie, director of Beltrace, 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.”
Shepperd and Wedderburn provided legal advice to Azets, while Savills and Green & Partners acted as property management and property sale advisors, respectively.
Beltrace Antonine was advised by Galbraith regarding the property purchase, Burness Paul regarding the legal aspects, and IH PIM on joint venture matters.