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Mar 2022

Last Updated: 02/03/2022

Business

Victoria Shopping Centre value falls by more than 80% in 10 years

by Calvin Robinson

| 02 Mar, 2022

The value of Victoria Shopping Centre has dropped to £925,000 from a high of £4 million a decade ago. However, Harrogate Borough Council says it has no plans to sell the centre.

Victoria Shopping Centre in Harrogate town centre.

When Harrogate’s Victoria Shopping Centre opened in place of the old Market Hall in 1992 it came at a time of hustle and bustle on the high street.

Two decades later, things are now very different with the rapid emergence of online shopping and the covid pandemic dramatically changing people’s shopping habits for good.

This changing state of the high street has been highlighted by new figures which show the shopping centre is worth less than 20% of what it was valued at a decade ago.

The figures from Harrogate Borough Council – which owns but does not run the shopping centre at Station Square – show its estimated value has fallen from £4.8 million in 2011 to just £925,000 last year.

And the latest evaluation is an even bigger drop from when the building lease was bought by developers for £23 million in 1998 ahead of a revamp of the building, which was initially inspired by the famous Palladian Basilica in Italy.

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The council has this week confirmed it has no plans to sell the shopping centre and also said it believes the building will play a key role on the high street for years to come – especially with the £11 million Station Gateway project, which will get underway this year. It is part of the wider Transforming Cities Fund project.

A council spokesperson said:

“Like all high streets up and down the country, the demand for and value of some commercial properties has declined over the last few years.

“There are numerous reasons for this, not least the increase in online sales as well as the introduction of out-of-town retail parks and the global pandemic over the last two years.

“We aspire to continue this drive in footfall by working with colleagues at North Yorkshire County Council and the West Yorkshire Combined Authority to deliver the £11 million Transforming Cities Fund project.

“This project, which has been supported by government funding, will begin later this year to improve sustainable travel options and provide a better town centre environment to help support the local economy.”

The council also said its new destination management plan – which was approved yesterday and aims to boost the value of the district’s visitor economy from £600 million to £835 million by 2030 – will also help drive footfall on the high street.

It said the plan will “position the Harrogate district as a first choice destination for tourism, large-scale events and investment.”

The council added:

“The visitor economy makes up 14.3% of the economy in Harrogate district and tourism plays a significant role in helping to ensure this continues.”

In numbers: how the Victoria Shopping Centre’s value has declined

2020/21 – £925,000

2019/20 – £2,200,000

2018/19 – £3,500,000

2017/18 – £3,950,000

2016/17 – £4,100,000

2015/16 – £4,100,000

2014/15 – £4,125,000

2013/14 – £4,070,000

2012/13 – £4,150,000

2011/12 – £4,800,000

The company that runs the Victoria Shopping Centre declined to comment.

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Victoria Shopping Centre value falls by more than 80% in 10 years

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In numbers: how the Victoria Shopping Centre’s value has declined