COLCHESTER’s former city centre Marks & Spencer is “riddled” with asbestos which will cost potential suitors of the site at least £1million to remove, it has been claimed.
The High Street’s old M&S supermarket has lain dormant for 15 months following the brand’s high-profile move out of the city centre to Stane Retail Park.
Despite thousands of upset shoppers campaigning to save the store in the aftermath of the closure, M&S bosses have hinted a return to the city centre is unlikely.
But whoever does decide to move into the former M&S will have to have deep pockets as the overall cost of doing so could cost £4.5milllion plus an annual rent fee.
£2.5million of that will go towards securing the freehold part of the building, while renting the leasehold part will likely cost more than the £381,440 it did back in 2021.
The Gazette also understands another £1million could be needed for building works, as well as a further £1.5million to fund the removal of asbestos reportedly inside the site.
One source has claimed the building is plagued with the obsolete construction material which was once used as a fire retardant.
Sam Good, BID manager, has somewhat played down the severity of the situation at the site but acknowledged the building will present challenges.
“[Removing the asbestos] is a hefty job, although purely due to the size of the premises,” he said.
“I wouldn't say it is riddled. Any old building is likely to have it within its ratio of premises size and I’d say it will be closer to £1million [to fix].
“There are barriers to what this unit can be turned into due to its age, size and challenges faced with premises such as this, in the core of the city centre.”
An M&S spokesman said: “We are continuing to work hard to find a suitable new occupier for the site in the city centre and have been actively marketing the unit. We will keep the local community updated with any developments.”
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