Dudley's Trident shopping centre for sale at £5 million

The centre – which has 34 shops – is being sold by Atlantis Group on Tuesday only four years after it bought the site.

Chairman John Sykes said he wanted to ‘pass the baton on’ to a buyer to develop the landmark High Street building.

Mr Sykes, who bought the site for £4.5m, said he could no longer oversee a revamp of the site as he now lives more than 4,000 miles away from Dudley in the Bahamas.

However he said the centre was doing well and anchor store B&M had recently signed a 10-year lease.

Other stores in the 1970s-built shopping centre include Subway, St Giles Hospice shop, Carpets2Go, The Money Shop and an RBS branch among others.

It also has a covered 176-space car park and is open seven days a week.

Mr Sykes, whose company is based in Reading, said: “I have been approached by some potential buyers over the past year and so I thought I’d put it up for auction and see what happens.

“The difficulty I find is I live in the Bahamas and although the site is doing very well I feel it may be the time to pass the baton on to someone to pick up on the centre’s potential.”

Mr Sykes purchased the centre and 187 to 192 High Street in an investment deal and talks were afoot about a huge transformation of the centre.

A previously mooted renovation of the shopping centre was included in a council masterplan to change the face of the town centre.

New shops and leisure attractions were to be added to the centre, while the firm also wanted to create 185 apartments. Talks over the renovation were said to be back on the table last summer.

Mr Sykes said: “I had discussions with Dudley Council to ensure any development was feasible, which it is.

"The council is very enthusiastic about the future and any plans for the shopping centre, which is key to the town centre.

“It takes in £750,000 in rent a year and the car park is doing well.”

Auctioneers Allsop LLP are behind the sale event, which starts at 10am in Knightsbridge, London.

Councillor Ken Finch said: “Anything that brings employment to the town centre and brings it back to life, I would wholeheartedly support it.”