The council has acquired the 280,000 sq ft shopping centre from Tristan Capital and Addington Capital for almost £5m under the asking price.
The previous owners had enlisted Savills to sell Charter Walk, seeking £25.6m for the complex, which includes the adjacent 78,000 sq ft Curzon Square.
Charter Walk is an open-air shopping centre housing retailers including Boots, Wilko, Home Bargains and JD Sports. The scheme also benefits from an income-generating subterranean car park.
Located opposite Charter Walk, Curzon Square is a modern two-storey centre let to Next and Primark.
Burnley Council’s decision to buy Charter Walk is aimed at giving the authority more control over its plan to redevelop the town.
Burnley Council leader Afrasiab Anwar said: “Burnley Council launched its Town Centre & Canalside Masterplan in 2018 and improving the retail and leisure offer in the town was a key priority within that strategy.
“Our town centre plays an important role to residents, businesses and visitors. We have a catchment area of approximately 250,000 people and it is our intention to ensure thatour town centre continues to be successful and vibrant.”
Knight Frank acted for Burnley Council, while Geldards provided the legal support.
Burnley’s acquisition makes it the latest authority to take control of a town centre retail scheme to facilitate its regeneration ambitions.
Sefton Council bought the Strand in Bootle for more than £30m in 2017 and has recently appointed consultants Avison Young and K2 Architects to draw up a vision for its redevelopment.
In Prestwich, Bury Council has taken control of the Longfield Centre and is to work with Muse Developments to reinvigorate the complex.
Last year, Oldham Council bought Spindles for a cut-price £9m while in Wigan, the local authority is working with Cityheart and BECGI to revamp the Galleries, having bought it from Luxembourg-based firm Colcastor in 2018.