SHOPPERS have been promised “some really big news” in relation to the future of Colchester’s historic former Marks & Spencer site.
M&S’s High Street store shut down for good last September having been a staple of the city centre for some 90 years, much to the upset over loyal customers.
The closure coincided with the opening of the high-end supermarket’s newest branch at the multi-million pound Stane Retail Park, in Stanway.
Since then the large, vacant property has been boarded up and put on the market, seemingly crushing any hope of M&S one day returning to the city centre.
Martin Leatherdale, manager of Lion Walk Shopping Centre, however, has now teased the empty 85,377 sq ft unit may not remain empty for long.
He said: “The icing on the cake is we will have some really big news to give you regarding the sale of M&S at the beginning of next year.
“There has been significant interest from big name brands such as B&M and many others. However, details of the buyer are yet to be disclosed and confirmed.”
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 as much as £4.5million 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 asbestos inside the site.
Sam Good, BID manager, has agreed whoever takes over the building will encounter their own challenges but is optimistic about the future of the site.
He said: "We remain in communications with M&S around the High Street premises.
“We have supported conversations between them and a variety of investors and organisations looking at the premises.
“The important thing is organisations are interested.
“However 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.
“We have been informed of an update in the last week on this premises and we hope any sale or future investment is right for the city centre.
“It’s essential M&S or anyone who may purchase this premises maintains the upkeep and ensures its future use is a core component of the community as was the previous shop."
Speaking at the time, bosses at M&S said the move had been influenced by "shopping habits changing".
They also doubled-down on the relocation to Stane Retail Park, saying it was the "right decision to make".
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