Ipswich's MP has said the auction of Sailmakers shopping centre is “concerning” and is calling for cuts to parking charges and investment to encourage people into the town.
Tom Hunt says more should be done to "attract people back into the town centre" following the news of the auction.
The Tavern Street complex is set to go under the hammer with property auctioneers Allsop on Thursday, with a guide price of in excess of £3m, less than two years after it was purchased by Nottingham-based company ALB Group.
The news comes only a week after plans for 26 flats inside the shopping centre were given the green light by Ipswich Borough Council.
Mr Hunt said: "It’s quite concerning really. The reality though is that we all know there are issues in the town centre.
"There are some broader issues that are impacting town and city centres up and down the country but there are issues specific to Ipswich town centre.
“The Labour council need to cut car parking charges to help attract people back into the town centre."
Mr Hunt added: "We also need the police to adopt more of a zero tolerance approach to crime and anti social behaviour.
"One of the issues that businesses in Sailmakers often raise with me is shop theft. We need tougher punishments for people caught shoplifting.
“Certainly the decision by Ipswich Borough Council to invest in out-of-town retail on the outskirts of the town hasn’t helped the situation either.”
The centre is 86,539 sq ft and currently occupied by a number of retailers such as River Island and Poundland.
Four new stores - Bargain Food Warehouse, Big Red Label, Stock King, and Just Potatoes - have opened in Sailmakers in recent weeks.
The centre was known as Tower Ramparts until 2014 and has been sold a number of times since it first opened in 1986.
These include a £26m sale in 2002, and its price rose to in excess of £30m in 2005.
However, Labour candidate Jack Abbott said Ipswich, like all high streets, is “struggling in the midst of the Conservatives’ cost of living crisis”.
Mr Abbott added that the council have brought disused buildings back into use, built a new multi-storey car park, and there are town festivals that make Ipswich a destination.
He also said a Labour government would reform business rates and give councils new powers to bring empty shops back into use.
Sailmakers and Ipswich Borough Council have been contacted for comment.
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