Knowsley snaps up Prescot Shopping Centre 

The 90,000 sq ft retail asset is located at the heart of a town centre earmarked for extensive regeneration. 

Knowsley Council paid Groupe Geraud £1.3m for Prescot Shopping Centre, which has been on the decline in recent years, according to the local authority. 

Groupe Geraud bought the shopping centre out of administration for £500,000 in 2016, according to Land Registry.

Now, the council plans to invest to improve the facility in the short term while consulting with residents over what the future of the shopping centre might look like. 

Taking control of a key town centre asset presents the council with an opportunity to continue the regeneration of Prescot, following on from the completion of the Shakespeare North Playhouse earlier this year. 

“The successful regeneration of Prescot town centre continues to be a strategic priority for the council,” said Cllr Tony Brennan, Knowsley’s cabinet member for regeneration and economic development. 

“Our primary purpose for acquiring the shopping centre is to keep up the positive momentum we have so far achieved and to continue to drive this regeneration.” 

The Prescot Town Centre Masterplan, drawn up in 2016, identifies the 1980s complex as an opportunity to deliver a retail-led mixed-use development featuring leisure uses and offices. 

“The preferred uses for the shopping centre site are retail uses, including independent retailers and markets,” the masterplan states. “Complementary non-retail uses would also be supported including a range of leisure uses and office or service uses.” 

Brennan added: “The shopping centre is in the heart of Prescot town centre, and we have ambitions for it to become a vibrant and valuable space that will support the needs and aspirations of the local businesses within the town centre, for our residents and for the many visitors to the town.” 

As well as the shopping centre, the purchase also includes the former Stephenson’s Printworks building – which could be demolished – additional retail units on Eccleston Street and Market Place, and all car parking at the shopping centre. 

As part of the acquisition, Workman will continue to manage the day-to-day running of the centre. 

The acquisition will be funded from an allocation of the future capital receipts arising from the council’s previously approved housing and commercial land disposal strategies, according to Knowsley.