PLANS to revamp Swindon town centre have been dealt a major blow following the news that the Brunel Centre is being sold off by its owners.

Westfield Shoppingtowns Ltd has announced it is selling off the shopping centre, which is worth around £125m.

The centre had been earmarked for expansion as part of The New Swindon Company's transformation of Swindon Town Centre.

But that could all change if the company which buys the centre decides it is not interested in taking part in the town centre redevelopment.

Dennis Grant, chairman of the Swindon Chamber of Commerce and Industry, fears that the new owners may only see the Brunel Centre as a moneymaking opportunity.

"The concern that I have is that we must try if possible to avoid the centre becoming an investment opportunity for the future rather than a regeneration project for today.

"Swindon needs change now not in ten years."

But he said he is determined to look on the bright side.

"The first reaction would be that we have had the rug pulled out from under our feet.

"But I prefer to take the more positive view that something which could effectively be seen as a negative could easily become a positive instead.

"The current owners had some preconceived ideas of what they wanted in the building but new owners would see it as a clean sheet and that gives Swindon a new opportunity to shape the centre into what it needs and in fact deserves.

"Swindon deserves a better shopping centre.

"Now instead of sitting here in tears what we should be doing is actually helping to exploit this opportunity under the guidance of the New Swindon Company."

Town centre manager Bernie Maguire has said that the decision to sell is a blow for Swindon.

He described the Brunel Centre as a catalyst for development.

But Mr Maguire stressed the overall project did not hinge on it.

He said: "Westfield were responsible for one of seven zones relating to this development. Our eggs are not in the same basket so while this is disappointing and a blow for the town it is not going to signal the end of the development."

The Brunel Centre is owned by the Wilmslow Partnership, which is made up of Westfield and Hermes.

John Burton, director of Development at Westfield, said: "The Wilmslow Partnership has decided to dispose of the Brunel Centre in Swindon following a strategic review of its portfolio.

"Further announcements will be made at the appropriate time."

A spokesman for Swindon council said that it was disappointed.

"The council has worked closely and productively with the owners over the last few years.

"We now look forward to a similar relationship with the new owners and bringing them on board with the exciting regeneration plans for the centre of Swindon."

factfile

The Westfield Group is the world's largest retail property group.

It undertakes ownership, development, design, construction, funds and asset management, property management, leasing and marketing activities.

The group employs more than 4,000 worldwide and has 124 shopping centres in four countries.

In September it submitted a £585 million bid to acquire Chelsfield plc, which owns Merry Hill shopping centre near Birmingham.

Diana Milne