The council has completed the purchase of the Prestwich retail complex from Hollins Murray Group, paving the way for Muse Developments to transform it into a mixed-use scheme.
Place North West revealed last December that Bury was planning to purchase the seven-acre Longfield site after HMG said it was willing to accept reduced offers for the asset.
The council also won approval in principle from its cabinet to enter into a joint venture with Muse to deliver the project.
The Longfield Centre is to be revamped in a scheme including public realm improvements and homes.
A key part of the plans will see a new community hub delivered, which will host a range of public services, along with a number of community and wellbeing spaces, such as a library, fitness suite and performance area.
Now the acquisition has been completed, the council aims to form a joint venture with Muse by October with the aim of starting on site in 2023.
David Burkinshaw, development director at Muse Developments, said: “We’ve been working with the council on a strategy to create a truly special scheme to benefit the Prestwich community, and we’re delighted the council has purchased the Longfield Centre.
“We’re looking forward to engaging with the community to discuss our plans and work with them to bring these exciting proposals to life. Together, we’ll take a human and holistic approach to urban regeneration, by repurposing the area to create an inclusive and sustainable scheme that drives investment, opportunities and prosperity right into the heart of Prestwich.”
Cllr Eamonn O’Brien, leader of Bury Council, said: “The regeneration of our town centres is a key priority for the council. We have taken the lead in driving forward these plans for the Longfield site, investing millions of pounds to bring about the transformation of the town centre, which will be welcomed by residents and businesses alike.”
Muse has been involved with the proposed overhaul of Longfield Shopping Centre since 2016 when HMG appointed the firm to draw up proposals for its redevelopment into a residential-led scheme featuring a 60,000 sq ft supermarket but the project has not progressed.
Last year, Bury Council signed off its planned purchase of two 1960s retail blocks in Radcliffe town centre from London & Associated Properties, enabling it to progress a town centre mixed-use scheme there.