Sefton Council buys The Strand in Bootle for £32.5m

Sefton Council has bought The Strand in Bootle on Merseyside from Ellandi and Avenue Capital in a £32.5m deal which sees the shopping centre return to local ownership for the first time in many years.

Not only will the purchase contribute significantly to the delivery of the council’s ambitious regeneration plans for Bootle town centre, it also provides much needed new revenue streams for us to support local services.

With services under pressure due to cuts to council budgets at a national level, Sefton Council has been looking for new ways to generate income to limit the impact of cuts.

The authority says the acquisition of The Strand is a step to ensure it can continue to deliver the services our residents need in the future.

The purchase has been fully funded through a loan and comes at no expense to the taxpayers and residents of Sefton.

The income generated by the centre will more than cover the loan repayment costs and the centre’s running costs.
Ben Roberts, director of capital markets for property consultancy Lambert Smith Hampton, which advised on the acquisition, said “This is a very welcome and strategic move by the council as it allows it to really lead the regeneration of the town centre and secure its long term future.

“Already very well let with some big brand anchor tenants, the centre gives the council a secure and diverse income stream and something solid to build on with regards to future redevelopment.

“This acquisition also reflects the emerging trend of local authorities investing in real estate to generate income as well as assisting their regeneration strategies, as has been borne out in other towns such as Chorley, Stockport and Rochdale.”