Stockport Council buys Grand Central site

STOCKPORT Borough Council has confirmed that it has agreed a deal with the administrators of Targetfollow to buy the Grand Central scheme in its town centre.

The council said that the purchase, for a reported £15m, from administrators Deloitte, will allow it to regenerate one of the key gateway sites in the town.

It is now looking for a private sector partner to help deliver a “commercially-led”, development. It wants to convert the site, which currently has a cinema and bowling alley among its occupants, into a mixed-use scheme featuring high-quality office developments along the A6 corridor. It also wants to bring in a quality hotel operator and some multi-level car parking, and hopes to lever in more than £100m worth of investment and 700 new jobs.

Stockport Council Leader, Cllr Dave Goddard, said: “Grand Central has an important role to play in the future of Stockport town centre and we are committed to driving forward its redevelopment.

“If we don’t buy it, there’s a chance that someone else will, and sit on it for ten years. By doing this we can gain control of Stockport’s key gateway asset, which is strategically vital in us trying to develop a high quality corridor of office space.”

Stockport Council has been advised by CB Richard Ellis

The Grand Central site had previously been owned by Targetfollow Property Investment & Development, which was placed into administration alongside sister firm Targetfollow Property Holdings in October. However, other group companies including Targetfollow Estates, are still trading.

The firms were placed into administration after banker Lloyds recalled more than £700m worth of loans it was owed.

Targetfollow had planned a £100m redevelopment of the site, but had been unable to deliver its own redevelopment plans.