Shrewsbury’s three main shopping centres have been put back on the market – but are now worth less than half of the £118 million paid for them just three years ago.

The Darwin, Pride Hill and Riverside centres, which are owned by Protego Real Estate Investors, have been put on the market for between £40 million and £50 million.

It follows the collapse of American bank Lehman Brothers last year.

The three linked shopping centres were bought by Protego for £118 million in 2006 in a deal involving Lehman Brothers.

But administrators have now decided that the centres must be sold.

Charles Weeks, joint founder of Protego, today said he believed they would be offered for between £40 million and £50 million.

He said that “secondary” shopping centres such as Shrewsbury had been the hardest hit sector of the commercial property market during the recession.

Hatfield Philips, which was appointed special servicer to the debt by Lehman Brothers’ administrator Pricewaterhouse Coopers, has instructed estate agents Savills to seek offers for the 470,000 sq ft centres.

Mr Weeks today said no businesses at the centre would be affected by the sale.

He said: “Protego manages the fund but it’s owned by our investors. It is the administrators that are instructing the sale.

“I would classify Shrewsbury as a secondary shopping centre and they have been hit harder than any other segment of the commercial property market.

“If you look at how they have performed since September 2006 when we bought the centre, at or about when the market was at its peak, the market has changed considerably in line with every other centre in the UK.

“The market has been whacked and of course shopping centres have been hit.”

Mr Weeks said Protego was working with Hatfield Philips to seek to maximise value for stakeholders.

Nicholas Pitt, manager of the Darwin, Pride Hill and Riverside centres, reiterated that no business would be harmed by the sale.

“It will not affect them in any way, it is just a normal process,” he said.

By Russell Roberts