Cannock shopping centre to be auctioned off for half of 2016 value
The Forum Shopping Centre in Cannock town centre is due to go under the hammer this month - and could be sold for about £1.3 million.
The popular centre was last auctioned off back in 2016, when it had a price tag of a whopping £3m.
But now it's set to be sold off again - and new owners can bag it for a reduced price.
Deputy leader at Cannock Chase District Council Gordon Alcott said it was a sign high streets were suffering.
He said: "It's not just here in Cannock, it's up and down the country. There have been a few shops in the centre that have been empty for a while. I don't know why the owners are selling but I can only imagine that they're not able to lease all the properties out and want to offload it as it's not making any money."
The 29,000 sq ft centre which boasts stores such as Dorothy Perkins, Clintons and Shoe Zone is made up of 10 retail units altogether.
Experts at Acuitus Auctions expect it could go for around £1.25 to £1.35m when the auction comes round on February 14 - with the new owners to earn almost £300,000 per year in rent.
Councillor Alcott said he did not believe the Forum was suffering due to the impending opening of the £160m Mill Green shopping centre just outside the town.
The new centre is set to be complete in early May and will boast 285,000 square foot of shopping space.
It is intended to create a landmark retain destination and community hub for both Cannock and the West Midlands.
He added: "We have always said from day one that we don't want the town centre shops to suffer as a result of Mill Green. The council and the developers have been working very closely on this.
"We have made that very clear from the beginning. The range of goods Mill Green will be selling is very different from the town centre."
The auction will take place on February 14 at the The Radisson Blu Portman Hotel in London.