One of Shrewsbury’s most controversial buildings has been sold to an investment firm for nearly £10 million.

Princess House, in Shrewsbury’s historic square, was once known as Shrewsbury’s second most detested building. But it has now been bought by London investment firm Rockspring Property Investment Managers for £9.6 million with the new owners promising a makeover will give the building a bright future.

The new owners say they have high hopes for Shrewsbury, and believe improvements to the 50,800 sq ft complex’s appearance could help attract new retailers to the town.

Rockspring’s European director Michael Prior said: “We want to let up the vacant space, and we will look to see if there’s anything we can do to improve the aesthetics of the building as you have some striking concrete at the front.

“It’s quite nice already but it stands out, and we will look to see if there’s anything we can so to make it more appealing for traders and pedestrians.

“We are positive about the town, there has been some decent new occupiers come in, and that’s a very positive sign for the town as you have these aspirational retailers wanting to be a part of it.”

The building has attracted criticism for its appearance in the past, with a striking concrete appearance set against more traditional buildings in and around the town centre.

At present, tenants in the building include coffee chain Starbucks and banking giant HSBC.

They are expected to retain their leases in the building.

Mr Prior added: “As long as they would like to stay we would very much like to see them there.

“We want everyone to stay but would like to let the vacant units on a more full-time basis, and there’s a decent prospect of that because the town is attractive to retailers, he added.”

A statement from NewRiver Retail, which sold the building to Rockspring, said: “Given that the apportioned purchase price was £8m plus costs, the sale price represents a significant return on the original investment.”