15.06.18
Bolton council buys shopping centre as part of £1bn town centre masterplan
Bolton Council has purchased Crompton Place shopping centre in a £14.8m deal.
The move has been funded by the council’s £100m town centre fund, which is financed through a low interest loan and repaid using dividends from Manchester Airport and the Yorkshire Purchasing Company.
The cabinet first gave the approval for the purchase, which will help to accelerate its £1bn town centre regeneration masterplan on 14 May. The transaction was finalised following the completion of extensive due-diligence checks.
Crompton Place is central to the council’s Town Centre Masterplan, with Trinity Quarter, Cheadle Square, Church Wharf, and Croal Valley making up other key sites.
Bolton has taken over ownership from Santander pension fund, and property management company JLL will continue to run the centre.
The complex contains 46 retail units, kiosks, office accommodation and a 285-space car park.
Cllr Linda Thomas, leader of Bolton Council, called the purchase an opportunity for a “transformational change”, with the council now having control of a “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,” she added.
Detailed ideas for regenerating the centre will be developed over the coming months, and council chiefs envisage building a completely new centre in the long term.
Thomas added: “Like other councils, we have made this commercial investment because owning the centre gives us the opportunity to influence and lead our town’s regeneration.
“We will now be able to look at all of the options for Crompton Place and make sure tenants, the public, and stakeholders have an opportunity to have their say, before any decisions are made.”
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