Stockport Council completes £15m Grand Central deal

STOCKPORT Council has completed the purchase of the Grand Central scheme in the town centre from the administrators of the site’s previous owner, Targetfollow Property Investment & Development.

The council paid around £15m for the site and said it would now move ahead with plans to find investors willing to develop the site into a £100m office-led scheme which will also feature a hotel and multi-storey car park.

Stockport Council Leader, Cllr Dave Goddard, said: “I have always said that we are committed to driving forward the regeneration of Grand Central and Stockport town centre. Today we have shown that we mean business. We have taken the initiative and put our money where our mouth is.

“We have weighed up all of the options, and decided that in the current economic climate, the best way to ensure the progress of the site is for the Council to buy it.”

He added that the council “looked at the numbers very carefully” to make sure the deal provided value for money, was self-financing and in the best interests of the borough’s Council Tax-payers.

“This is a once in a lifetime opportunity for us to secure the future of Grand Central and create an attractive and thriving gateway to Stockport town centre.”

Targetfollow Property Investment & Development 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.

Stockport Council was advised on the deal by CB Richard Ellis.

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