The leader of Bolton Council says its purchase of the town’s Crompton Place shopping centre is an “opportunity for transformational change”.
The local authority has taken ownership of the retail complex in an effort to accelerate a £1 billion regeneration masterplan.
The £14.8 million deal with Santander Pension Fund has been bankrolled by the council’s £100m town centre fund
JLL will continue to run the centre which contains 46 retail units, kiosks, office accommodation and a 285-space car park.
The shopping centre is a site central to the council’s town centre masterplan alongside Trinity Quarter, Cheadle Square, Church Wharf and Croal Valley.
Over the coming months, detailed ideas for regenerating the site will be developed and in the long term council chiefs envisage building a completely new centre.
Councillor Linda Thomas, leader of Bolton Council, says: “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 have carried out extensive due diligence checks before acquiring the centre and these have confirmed that the purchase price reflects current market conditions and represents fair market value.”