THE FUTURE of Clydebank's shopping centre still hangs in the balance as the facility's owners continue to look at moving investments away from the retail sector.

The Post revealed in August 2019 that the Clyde Shopping Centre's owners were looking to sell their share of the retail complex.

And West Dunbartonshire Council bosses – who agreed a year ago to look into the costs and benefits of taking over the leasehold of the facility – have now told elected councillors they believe the landlords may be in touch with their bank to discuss their financial stake in the centre.

Non-essential shops in the centre have been shut since Friday in line with the Scottish Government's new Level 4 coronavirus rules - dealing a fresh blow to the complex's future prospects at a time when it was already struggling to recover from the effects of the first full-scale lockdown earlier in the year.

Edinburgh House Estates are the management agent on behalf of Cerberus, the investment fund that owns the facility.

But the council owns 19.84 per cent of the shopping centre and its profits.

The issue was discussed at a meeting of the authority's infrastructure, regeneration and economic development committee last week.

READ MORE: Clyde Shopping Centre bosses want to sell their share in retail complex

Labour councillor John Mooney said: “I really welcome the fact that we are putting the money into the public realm at South Sylvania Way at the Clyde Shopping Centre.

“I understand from the exercise that the council has a great commitment to the shopping centre, but it is not shared by the shareholders.

“Is there any update on the negotiations with the majority shareholder about the ownership of the Clyde Shopping Centre?”

Councillors were informed that the shopping centre owners no longer want to invest in it – and may actually be in discussion with their bank.

Jim McAloon, regeneration services, said: “This is not a good sign. The agents who run the shopping centre on behalf of the owners have been keen to work with us as they always do.

“We are in a position with the shopping centre where the actual owner has decided they want out of retail in Europe and as a consequence Clydebank is a victim in there.

READ MORE: Council bosses to examine pros and cons of taking on shopping centre's leasehold

“Part of the work we were going to do was to look at the shopping centre from a future prospect.

“That work was affected and stopped with Covid. I have asked for this piece of work to be started again and I would hope over the next three to six months we would be in a position [for this to work].

“From a regeneration perspective, I don’t think anyone would need a shopping centre the size of Clydebank at the moment. But the question is: what would we do with the building? Where would we move it?

“There’s an awful lot of work that needs to be done.”

The committee agreed to ask officers to contact the owners for an update.

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