THE OWNERS of Clyde Shopping Centre are looking to sell their share of the retail complex.

Edinburgh House Estates are the management agent on behalf of Cerberus, the investment fund that own the centre, but West Dunbartonshire Council (WDC) currently own 19.84 per cent of the shopping centre and its profits.

Councillors at an infrastructure, regeneration and economic development committee meeting last week were told the news of the owners looking for a buyer.

Jim McAloon, head of regeneration and economic development, said: “The owners want to offload the shopping centre. At this moment, we’ve had an approach from their agent to see if the council would consider that.

“That was the end of last week. We will be meeting with advisors and Colliers to look at it. It may or not be an opportunity for the council to look at, but what is critical is that the community in Clydebank need a strong regional shopping centre.

“The investment fund in the States have decided that they want to sell their share of the shopping centre. No decision has been made about the council’s share. What they approached us for - was from the perspective of as a joint owner - would we be interested in purchasing their centre? So, we would need to do significant due diligence into that.

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“The shopping centre is an important asset to the council in terms of nearly owning 20 per cent of it and 20 per cent of its profits. It’s important and we need to look at it very, very closely. It’s just happened and its quite a significant thing.”

“In terms of the income that the shopping centre brings in since securitisation, it’s fair to say that it has fallen significantly, but there’s still over one million pounds and therefore it’s important to the council.

“We’ve only just been approached; they have no intention of setting any closing date until the council responds because there isn’t a tremendous market out there they feel, and they’re approaching the council first, though it is known in the professional market that the shopping centre wants to offload.”

The shopping centre is 630,000 sq ft and contains 127 units.

Councillor Martin Rooney said at the meeting: “This is a very important issue not just for the local use and the wider local economy going out to Dumbarton and beyond, but also for the long-term future of the shopping centre in Clydebank.”

The centre’s management declined to comment.