INTU TRAFFORD CENTRE GOES UNDER THE HAMMER WITH NEW OWNERS SOUGHT AS THE UK OFFICIALLY ENTERS RECESSION FOR THE FIRST TIME IN 11-YEARS

The coronavirus lockdown did not only take human lives, both small and large businesses fell as a result of loss of income. None more spectacularly than the countries fourth largest shopping location - Intu Trafford Centre which lies just over the water in nearby Dumplington.

In mid June the beleaguered company went into Administration and the future of the centre was left in doubt.

Alas, there is some light now ahead as the centre is up for auction with PJT Partners and property agents CBRE given the task of marketing the site. It is thought that it will come under the auctioneers gavel within the next few weeks.

The site is valued at approximately £1.7bn but it is expected that there will be at least a 20% loss regardless of any efforts by the administrators to maximise profits. 

The pandemic savaged the high street during lockdown leading retailers struggling to pay rents due to the impact of reduced footfall. The downturn has continued since restrictions were lifted as more people have turned to shopping online due to safety fears.

It is expected that it could take as long as four years for public confidence in the high street to return.

This morning it was revealed that the UK has entered into recession for the first time in eleven years, prompting fears that the coming months will see a jobs blood bath. This morning Chancellor Rishi Sunal declared that 'Hard Times Are Here' as the GDP was shown to have made a 20.4% plunge at the peak of the pandemic, which has led to seventeen years of GDP growth being wiped out.

Fortunately the GDP has made a few gains since lockdown ended so the future may not be so bleak in the long term so long as their are no further full lockdowns implemented. 

Which ever company ends up taking on the Trafford Centre, most certainly has their work cut out to make it financially viable once more.