Bury Council is to buy the Mill Gate shopping centre, paving the way for its redevelopment. On Tuesday evening, the council agreed the acquisition of the 15-acre Mill Gate estate from owners InfraRed for an undisclosed sum.
It will be paid for by a loan from the public works loan board. The council will also enter into a joint venture with developers Bruntwood to work on improvements to the shopping complex.
By owning the centre, Bury Council said it aims to be in control its future destiny. READ MORE:Girl, 11, arrested after teenager rushed to hospital with serious head injury following horror assault on bus The council said they wished to ‘avoid the shopping centre being acquired by an income-investor, who would potentially extract surpluses from the centre for short term gain rather than re-investing in the estate’.
The report to the cabinet stated the move was ‘to secure its long-term future’ and to avoid ‘public sector intervention further down the line at potentially great cost’.
Read more on manchestereveningnews.co.uk