Bolton Council buys shopping centre

Bolton Council has taken over ownership of local Crompton Place shopping centre from current owners Santander pension fund, to help accelerate its 1 billion pound town centre regeneration plan.

The council acquired the shopping centre, which houses fashion brands including Primark, JD Sports and Select, for 14.8 million pounds and described the purchase as an “opportunity for transformational change” in the city.

The shopping centre the council stated is “fundamental” to support the regeneration of the town centre, along with Trinity Quarter, Cheadle Square, Church Wharf and Croal Valley and the council added that it is currently “working hard to bring forward ambitious development proposals for these sites”.

Crompton Place spans 290,000 square foot and has 46 retail units, as well as kiosks, office accommodation, and a 285-space car park covering, and the council confirmed that it will continue to be run by property management company JLL.

The purchase has been funded from the council’s 100 million pound town centre fund, which is financed through a low interest loan and is repaid using dividends from Manchester Airport and the Yorkshire Purchasing Company.

Leader of Bolton Council, councillor Linda Thomas said in a press statement: “Bolton is following the example of many other local authorities across the country that have also invested in their local shopping centres to deliver regeneration schemes.

“There will be no changes in the day to day operation and running of the shopping centre in the immediate future, to ensure it continues to operate smoothly for tenants and shoppers.”

The Council added that it will release “detailed ideas” for regenerating Bolton’s town centre and that the regeneration of Crompton Place will form part of the council’s wider, longer-term plans to improve the town centre.