Colliers International has been instructed as joint agents, alongside ARC Retail, on Regent Arcade Shopping Centre in Cheltenham's.

Regent Arcade currently has over 60 stores with 528 parking spaces, including anchor tenants H&M, TK Maxx and River Island.

The centre has recently undergone a refurbishment program and re-development has begun to embrace the rapidly changing retail landscape.

Lloyd Entwistle, director at Colliers International, said: "Colliers team has been offering advice over the past few months on the re-purposing of the House of Fraser in Cheltenham, known as Cavendish House, which links into the shopping centre. Canada Life Investments, which also owns this store, has now instructed us on the whole shopping mall.

"There has been lots of recent work at Regent Arcade. Permission was granted in 2018 for a new luxury boutique cinema with a casual dining area in the former BHS store. Tivoli Cinema is due to open later this year. Furthermore, an additional 20,000 sq ft of space has been re-purposed for a food hall operator.

"Continuing the leisure focus, the former Carluccio's at the rear of the centre has just been let to KIBOUsushi, a multi award-winning Japanese hot kitchen concept. In addition, space has been amalgamated on the first floor to create a new gym.

"We are excited to be on board with such a large and interesting ownership and in a core market like Cheltenham. The wheels have been put in motion to take the scheme forward and provide the right space for the occupiers of the future.

"This is truly a mixed-use asset and another great example of how previously 100 per cent retail assets need to adapt to the modern world.

"The scheme already benefits from high footfall, being the busiest link to the town's main car park. The key to success will be providing the right space for a variety of uses to curate a vibrant hub of activity and experiences.

"We are already seeing a resurgence nationally of localism and interesting and exciting new operators leading the charge.

"We are looking forward to working with a pro-active landlord who is continuing to invest in a quality asset."