Former Stirling BHS store to go to auction this week eight years after closing

The former British Home Stores (BHS) store in Stirling, which has been vacant for eight years, is set to go up for auction this week. The three-storey outlet located at 8-14 Murray Place in Stirling closed its doors to customers in 2016, and tomorrow, online bids will be accepted for the property with a guide price of £175,000.

Graham & Sibbald, the agents for the property, have highlighted the potential for the premises to attract interest from the leisure sector, such as gyms and food halls, or even hoteliers. The building is described as a vacant Class 1 retail space, formerly a BHS, spanning approximately 20,180 sq ft and situated on a site area of around 0.14 acres. With its central location and excellent accessibility, there is also a possibility for redevelopment into a mixed-use or hotel scheme, subject to planning permission.

The property, with a High Street location in Stirling’s town centre and main regeneration area, is just a short walk from Stirling Station. The store was previously operated by British Home Stores and features an open-plan sales area at the ground floor, with additional sales areas, a restaurant, and storage on the upper floors. The agents mention the potential for an occupier to negotiate access directly from the unit into The Thistles Shopping Centre.

The closure of the BHS store in Stirling in 2016, along with 19 other branches across the UK, marked a significant moment in the chain’s decline after being sold for £1 in 2015. Following administration in April 2016, the chain faced significant financial challenges, including a substantial pension deficit and debts.

The property has a rich history, having previously housed Stirling’s Frasers and McLachlan and Browns department stores. The upcoming auction presents an opportunity for prospective buyers to redevelop and breathe new life into this prominent retail space in the heart of Stirling.

Insights:
The former BHS store going to auction in Stirling signifies a potential new chapter for the prominent retail space in the town centre. With the increasing trend of mixed-use developments and the demand for leisure facilities, the property holds promise for transformation into a modern establishment catering to evolving consumer needs. The auction presents a unique opportunity for investors to contribute to the revitalization of the area and stimulate economic growth.