22.11.19
Knowsley Council buying up land in £43m Kirkby regeneration plan
Knowsley Council is buying land and existing shops from a developer in the Merseyside area of Kirkby as part of a £43m investment deal to rejuvenate the neglected town centre.
Original plans from the private sector to regenerate the town suffered nearly 20 years of delays, before eventually falling through, and has prompted the local authority to step in and now commit to funding the redevelopment of 87 shops and 12 acres of land, creating a potential 500 jobs.
Developer St Modwen, where the sites are being purchased from, opted to abandon their plans for the area after the company shifted its policy away from owning town centre sites.
The new work is expected to begin on December 9, 2019 and will also see the construction of a new supermarket, petrol station and cinema.
Funding for the council’s regeneration plans will be accrued by borrowing the initial sum from the Public Works Loans Board, then repaying the cash from rental income and the eventual sale of some of the revitalised land.
Council leader Graham Morgan said: "We are now in a position to be able to bring forward the retail development which our residents need, and which we promised.
"We have always been committed to regenerate Kirkby town centre and we have shared the frustrations of many of our residents over the years.
"This is the single biggest property investment which the council has ever made."