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Shopping centre off the market as firm swoops in with £20m deal

By Burton Mail  |  Posted: May 21, 2014

  • Octagon Shopping Cente

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BURTON’s second largest shopping centre has new owners after it was purchased in a deal worth more than £20 million, the Mail can exclusively reveal.

Bosses at real estate developer Vixcroft confirmed that it had purchased The Octagon shopping centre from DTZ Investment, which manages the running of the centre on behalf of Strathclyde Pension Fund, barely hours after the ink was dry on the contract.

Now, the new owners are looking to make a ‘big difference’ in the town and help make The Octagon the ‘number one shopping destination in Burton’.

Chief executive Daniel Carter said: “We see this purchase as a long-term commitment to the town centre and Burton as a whole.

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“We have visited the centre on several occasions and something just struck us about it.

“We feel that is has been unloved in the past and is in need of investment.

“We now plan to roll up our sleeves and come up with a plan to revitalise The Octagon and we all hope to make a big difference.

“The next step is to talk to the current and potential occupiers of the centre and to other organisations, such as the borough council, in a bid to tailor our plans to their requirements.

“Our plan is to invest in improvements to The Octagon that will enhance the appeal and vitality of the town centre to people in Burton.

“We have taken on similar sites before and made them a great a success and, with the scope we see for investment, then we hope we can replicate this in Burton.”

The deal could resurrect plans for a major facelift and extension for the site, which were initially approved in 2010 but have never seen the light of day.

The centre opened in 1990 and is famous for being the location of the very first Poundland store in the entire country.

The sale comes approximately three years after the site was put up for sale.

Vixcroft, which came into life as part of a buy-out from the Arrowcroft Group, is famed for its work in transforming the lower precinct in Coventry as well as its regeneration of Liverpool’s formerly derelict Albert Dock.

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