THE flagship shopping and entertainment development in the heart of Swindon is up for sale - for a cut-price £24m.

The owner of Regent Circus, Aberdeen Standard, is looking for someone to take the development off its hands.

When the company bought the site in 2014 it reportedly paid £40m for it.

And the selling price may prove a bargain because the sales brochure prepared by agents Montagu Evans says the new owner can expect a net income of nearly £2m a year from rent.

It would appear the owners put the town centre site up for sale towards the end of last year.

Its brochure lists the Morrisons supermarket as still being a tenant, although it says the chain was looking to leave – which it did in November.

It says there were negotiations to find another food store – “a major national discount food retailer” – to take on at least 50 per cent of the unit.

But that hasn’t come to pass, with the supermarket units still shuttered.

Despite Morrisons' departure and the failure to replace it, Regent Circus is home to a six-screen Cineworld multiplex and restaurants Nandos, Ask Italian, Lamaya Lebanese Kitchen and Prezzo.

The brochure says: “The property is the dominant foodstore and leisure scheme in Swindon, prominently situated within the heart of the town centre.

"Recently developed scheme totalling 98,818 sq ft of prime foodstore and leisure accommodation, benefitting from two dedicated car parks providing 450 spaces.

“The property is prominently situated on the edge of Swindon town centre, with frontages onto Crombey Street and Regent Circus.

"The immediate area surrounding the property is predominantly residential homes, with the commercial uses focused within the town centre on Regent Street and The Parade.”

It makes much of its central location, adding: “Within a 10 minute drive-time of the property, the catchment population is 142,791, which rises to 228,158 within a 15-minute drive-time (ORC).

"Swindon’s catchment area extends widely in all directions and is captive due to the town’s relative isolation.”

Through the UK Commercial Property Trust, Aberdeen Standard is looking for a buyer to spend £24m to buy the site.

It added: “Purchase at this level would provide an attractive 7.37 per cent net initial yield, based on the net income of £1,887,141 per annum.”

It says there are further investment opportunities – letting of the foodstore units, improving the mix of restaurants and either taking control of the car parks, and receiving income that way, or letting it to a national car park operator.

One of the agents marketing the shopping and leisure complex is Mark Girling of Montagu Evans.

He said: “There has not yet been a buyer and Aberdeen Standard are still monitoring the situation.”

The site was only built in the last decade on the former Swindon College land. When it was sold before it opened in 2015, Aberdeen Standard was reported to have paid £40.5m for it – nearly £8m over the initial asking price of £32.8m.

Aberdeen Standard did not respond to a request for comment at time of going to press.