Council buys shopping centre for £15m to drive £1bn regeneration plans

Crompton Place shopping centre has been bought by Bolton Council for almost £15m as it looks to shape the future of the town and drive forward its £1bn regeneration masterplan.

Council bosses have agreed the £14.8m to acquire the town centre building, which contains 46 retail units, kiosks, office accommodation and a 285-space car park covering more than 280,000 sq ft, from Santander.

Leader of Bolton Council, Cllr Linda Thomas, described the purchase as an opportunity for transformational change.

She said: “The purchase of Crompton Place is fundamental to support the regeneration and transformation of our town centre.

“It is at the heart of our town’s civic and retail core and this deal means we now have control of 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.

“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 purchase has been funded from the council’s £100m town centre fund. The fund is financed through a low interest loan which is repaid using dividends from Manchester Airport and the Yorkshire Purchasing Company.
The shopping centre is central to the authority’s town centre masterplan.

Trinity Quarter, Cheadle Square, Church Wharf and Croal Valley are four other key sites in the plan and the council is working to bring forward development proposals for these sites.

Cllr Thomas added: “We have listened to people’s views about the town centre and we are taking action. When we launched the masterplan, we said we would move quickly to make things happen and making this strategic investment which will be a catalyst for huge regeneration.

“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.

“We have all seen the amazing transformation of The Market Place and the benefits that has brought in terms of visitor numbers. Crompton Place also requires that kind of vision and investment to deliver our regeneration plans, complement our existing retail offer, and bring new businesses into the town centre.”