Burnley Council buys Charter Walk Shopping Centre in £20.7m deal
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Burnley Council said the long term future of Burnley town centre has been bolstered after its purchase of Charter Walk Shopping Centre, for £20.7m.
It was brought to market alongside neighbour Curzon Square earlier this year by Savills, which requested offers over £25.6m.
Savills sold the shopping centre on behalf of Tristan Capital and Addington Capital.
Charter Walk comprises 280,000 sq ft and also benefits from a below ground car park which generates a significant income.
Knight Frank acted for Burnley Council, while Geldards provided the legal support.
Council leader, Cllr Afrasiab Anwar, said: “Burnley Council launched its Town Centre & Canalside Masterplan in 2018 and improving the retail and leisure offer in the town was a key priority within that strategy.
“Our town centre plays an important role to residents, businesses and visitors.
“We have a catchment area of approximately 250,000 people and it is our intention to ensure that our town centre continues to be successful and vibrant.”
An important reason for the council’s purchase of the shopping centre was to ensure it remained a priority and to once again highlight the confidence and commitment the local authority has towards its town centre, it said.
Another key proposal of the Town Centre & Canalside Masterplan includes Pioneer Place. Plans submitted by developers Maple Grove include five retail and leisure units, the relocation of Reel cinema to the site and a 125-space car park.