Cumbernauld’s £3m mega-structure

Written by Scott Campbell.
Published at 15:18 on 11 July 2014.
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26-06-2013 - By Scott Campbell (+44) 0774 296 870 - Cumbernauld Town Centre; Picture shows Cumbernauld Town Centre, from outside North Bus Stop.
Picture: Cumbernauld Town Centre. Copyright, Cumbernauld Media.

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THE value of Cumbernauld Town Centre has been publicly revealed after the centre’s new owners filed their audited accounts with Companies House. 

Hamcap (Cumbernauld) LLP are the owners of Cumbernauld Town Centre, after the previous owners of the mall entered administration.

Formed especially to buy the UK’s first indoor shopping mall from CNC Investments Ltd, the centre’s previous owners, who entered administration in 2012, Hamcap (Cumbernauld) LLP confirmed on June 26 2013 that they had successfully completed the purchase of the now 59-year-old mall. 

It was never revealed how much the company had bought Cumbernauld Town Centre for – with the value being priced somewhere between £3.5milion and £5million. 

Hamcap (Cumbernauld) LLP have now opened up their books to reveal that the centre is worth just over £3million.

The confirmation of the mall’s capital value came after the firm’s accounts were audited, finalised and sent off to Companies House. The audited accounts were then made public last month. 

According to the accounts for the company – which was incorporated on March 22 2013 – the value of the firm’s investment property holdings is £3,006,413, meaning Cumbernauld town centre is worth just over £3million. 

Details of the company’s bank books, between 22 March 2013 and 31 December 2013 also illustrate how the Legally Limited Partnership has £179,381 cash at bank, with £149,133 due to debtors, although when the amount due back to creditors is deducted, the firm's 'take home' asset value is £152,530, or just over £3.1m in total, when the value of Cumbernauld Town Centre is included, to total £3,158,943.

Hamcap (Cumbernauld) LLP is looking towards a ‘leisure’ use for Cumbernauld Town Centre with the Forth Walk part of the shopping mall set to be closed off in months to come, for a feasibility study to be undertaken to see whether the centre could host a brand new multi-screen cinema chain.

The centre’s owners are also planning to change the use of the former Scan bookshop to become one office and one store, with an application submitted to North Lanarkshire Council on May 28, with a decision date on July 28 set for the application. 

Hamcap (Cumbernauld) LLP has stressed previously however that their plan extends beyond days, weeks and months, with the development of the UK’s first, indoor shopping mall likely to take years before major changes are made.
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