Bolton Council has bought the Crompton Place shopping centre for £14.8m
The council has taken over ownership from current owners Santander pension fund. JLL will continue to manage the centre, which contains 46 retail units, kiosks, office accommodation, and a 285-space car park covering more than 280,000 sq ft.
The purchase has been funded from the council’s £100m town centre fund. The fund is financed through a low interest loan which is repaid using dividends from Manchester Airport and the Yorkshire Purchasing Company.
The shopping centre is central to the authority’s Town Centre Masterplan. Trinity Quarter, Cheadle Square, Church Wharf and Croal Valley are four other key sites in the plan and the council is currently working hard to bring forward ambitious development proposals for these sites.
Leader of Bolton Council, Cllr Linda Thomas, said: “The purchase of Crompton Place is fundamental to support the regeneration and transformation of our town centre.
“It is at the heart of our town’s civic and retail core and this deal means we now have control of a major strategic site that is critical to delivering the Town Centre Masterplan. We will now be focusing on ways to regenerate the area for the long term benefit of the town centre and our residents across the borough.
“We have all seen the amazing transformation of The Market Place and the benefits that has brought in terms of visitor numbers. Crompton Place also requires that kind of vision and investment to deliver our regeneration plans, complement our existing retail offer, and bring new businesses into the town centre.”