'Eyesore' King's Walk shopping parade in Gloucester sold for £20m
An "eyesore" city centre shopping parade has been sold for more than £20m.
The King's Walk shopping parade, which occupies a 100 sqm plot in Gloucester, is crucial to the council's regeneration plans for the city.
A previous multi-million pound deal was reported to have failed because of fears over Britain's decision to leave the European Union.
New owners Reef will now look to redevelop the "crucial" area.
There have been a series of city council plans to improve both the appearance and success of the retail centre.
Paul James, leader of Gloucester City Council, says the latest deal will have a major impact on the future improvement of the centre.
"A better King's Walk shopping centre makes our job as a city council - in regenerating the wider King's Walk area - much easier."
The new developer will be a partner in the ongoing modernisation plans for the city centre and eventually, the area dubbed the King's Quarter.