Glenrothes’ main shopping centre is up for sale again just 20 months after its current owners took charge.
The Kingdom Shopping Centre which was only purchased in September 2013 by the Mars Pension Fund has been included in a £250 million portfolio of seven retail centres across the UK.
The surprise news comes just months after LaSalle Investment Management the firm which operates the centre on behalf of Mars stated its long-term aims for the mall.
However, these would now appear to be on ice while the marketing process is under way, leaving the future of Glenrothes’ main shopping precinct in doubt.
Councillor Ross Vettraino, who has been given a remit to spearhead efforts to regenerate the town centre, said: “The Kingdom Centre was bought less than two years ago and when you invest £34 million in something, putting it up for sale so soon is very strange.
“When Mars bought the Kingdom Centre, I would have thought there was a long-term strategy. It seems as though there has been a change of mind.”
News of the proposed sale is just the latest development in what has proven to be a turbulent recent history for the Kingdom Shopping Centre.
A planned regeneration of the centre fell through in December 2013 when Tesco shelved its plans to open a superstore adjacent to the mall.
That followed a decade of overtures by Sainsbury’s, which had originally stated its intention to open a major outlet at the complex.
There remains a real desire from both politicians and the public to establish a night-time economy in the town, with the future development of the Kingdom Centre seen as integral to creating a social hub featuring bars and restaurants.
Mr Vettraino says any new owner of the shopping centre would be pressed on its intentions to bring change to the wider town centre area.
“I was hoping to meet the town centre manager to discuss the night-time economy, as well as the owner’s plans for the old Co-op building,” he added.
“If it is bought then the new owner will have a strategy they won’t want to have bought a white elephant. Fife Council will help in any way that it can.”
The Courier attempted to contact LaSalle Investment Management for comment but had received no reply at the time of going to press.