Burnley City Council is seeking to appropriate the city’s main shopping center.
The local authority made an offer for the Charter Walk complex which went on sale in June.
Council bosses have asked officers to bid for the mall in the middle of Burnley. It would be lower than the Â£ 26.5million originally requested by owners Tristan Capital and Addington Capital.
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The council’s chief financial officer, Councilor Sue Graham, said purchasing Charter Walk would be good for the borough and the city.
The 280,000 square foot center is home to national retailers including Boots, Wilko, Home Bargains, Primark and JD Sports, and has underground parking. The authority is also involved in a Â£ 21million project for Pioneer Place in Burnley, which includes an eight-screen Reel cinema, five restaurants, shops and parking.
The minutes of the private portion of the July 14 executive meeting of Burnley’s council state: the borough.
âOwnership of this asset will allow council to actively manage and regenerate businesses for the benefit of the borough in accordance with the council’s broader aspirations for downtown. “
The decision to bid was confirmed after a vote at the private portion of the July Plenary Council meeting eight days later, which approved a multi-million pound budget for the purchase and last month’s executive a authorized the legal and financial directors of the authority to make the final offer and to draw lots. a contract to buy the center.
Councilor Graham said: âCouncil is making an offer for Charter Walk and its parking lot. It is a very important part of Burnley and in good condition. I think buying it would be a great deal for the city as it would secure and protect the future of a major asset. We are investing a lot of money in downtown improvement and that would be part of it.
Councilor Alan Hosker, leader of the Conservative Authority group, said: âPersonally, I do not support him. We are already investing millions in Pioneer Place and I think the costs will fall on municipal taxpayers, which is unfair.
Liberal Democrat leader Councilor Gordon Birtwistle said: “I think this is a good idea and will complement Pioneer Place.”
Councilor Mark Payne, leader of the Burnley and Padiham Independent Party, said: “It is a risk given the current retail situation, but we cannot let Charter Walk go bankrupt.”
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