Merseyway Shopping Centre has been sold out of administration to Stockport Council, which is planning a £40m refurbishment to be outlined to the council’s executive by the end of the year.
Contracts were exchanged last week on the deal. Merseyway has just over 300,000 sq ft of lettable space and has currently nine vacant shop units.
Bilfinger GVA and DWF acted for the vendor, LPA Receivers representing Merseyway Centre No1 and No2.
The council’s legal services department and Pinsent Mason acted on the purchase for the council, alongside strategic property partners Carillion, CBRE and Barker Proudlove.
The purchase is expected to complete by the end of the month.
Through the deal, the council said it would make a significant investment in updating and improving the shopping centre’s current infrastructure and facilities. A full report on the plans is due to be prepared by the end of the year.
Eamonn Boylan, chief executive at Stockport Council, said: “This purchase will not cost Stockport Council tax payers a penny and will provide the long awaited opportunity for the Council to promote a genuine regeneration of the town centre in conjunction with the Redrock Scheme, which also went on site last week.”