A popular West Lothian tourist attraction has taken off since it was established a decade ago.
23.03.2022 - 19:39 / manchestereveningnews.co.uk
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.
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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’.
Bruntwood is working on a similar project with Trafford Council on the revamp of Stretford Mall. InfraRed purchased Mill Gate from Aberdeen Asset Management in 2014 for £52m and has since invested £20m at the centre.
Early plans for the revamp of centre were included in a draft of Bury Council town centre masterplan. The report, said: “One of the most important character zones established by the masterplan is the retail heart which includes Mill Gate, the Rock shopping centre and Bury Market.
“The plan identifies opportunities to consolidate and diversify the current Mill Gate retail offer with the addition of new residential, leisure uses, serviced offices and food and beverage uses. The acquisition of the centre and the joint venture
A popular West Lothian tourist attraction has taken off since it was established a decade ago.
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