Stockport Council has bought the Merseyway shopping centre to give it a ‘sustainable future’.
Contacts have been exchanged and it’s hoped the deal will be completed by the end of the month.
A council statement reads: “Through this purchase, the council will make sure that Merseyway Shopping Centre has a sustainable future by making a significant investment in updating and improving its current infrastructure and facilities, which will ultimately benefit the local businesses community and Stockport residents.
“One of the council’s main objectives is to secure the long-term future of the town centre.
“The aim is to have a town centre which people want to enjoy and use. To this end, the council is investing £900m in projects such as Stockport Exchange, Redrock and in making access much easier for all.”
Eamonn Boylan, chief executive at Stockport Council, said: “This purchase will not cost Stockport council tax payers a penny and will provide the long awaited opportunity for the council to promote a genuine regeneration of the town centre in conjunction with the Redrock Scheme, which also went on site last week.”
Caroline Simpson, corporate director for place management and regeneration at Stockport Council, said: “As a council we are committed to ensuring that all of the town centre and wider borough have a bright future.
“The purchase comes at a time when the council is working hard with partners to transform areas of the town centre through our Investing in Growth projects.”