Sefton Council buys Bootle Strand shopping centre
The local authority has bought the 400,000 sq ft shopping centre in Bootle from Ellandi and Avenue Capital for £32.5m, three years after Ellandi purchased the centre for £27m.
The Strand opened in the 1960s, and has 118 shops, including tenants New Look, B&M, JD Sports, and Argos.
According to the council, the acquisition will form part of plans to regenerate the town centre, but also aims to provide a new revenue stream to support local services.
The council said: “With services under pressure due to cuts to council budgets at a national level, Sefton Council has been looking for new ways to generate income to limit the impact of cuts. The purchase of the Strand is a step to ensure we can continue to deliver the services our residents need in the future.
“The purchase has been fully funded through a loan and comes at no expense to the taxpayers and residents of Sefton.”
Plans for the future development of the centre will be put together over the coming months.
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“No expense to the tax payer”!!!
So your not paying interest on that’ loan?
By Stuart wood
Hopefully the ‘plans’ include sticks of dynamite to be strategically located around it.
By Jane Jacobs
Yes, Stuart, they are – “The purchase has been fully funded through a loan and comes at no expense to the taxpayers and residents of Sefton. The income generated by the centre will more than cover the loan repayment costs and the centre’s running costs.”
By Peter Stoba
Councils investing in shopping centres! Sounds like a receipt for disaster come the next commercial property down turn!
By Stuart wood
Great deal for Ellandi.
Sefton MBC appear to have been very poorly advised to be buying a secondary shopping centre, in a very challenging retail location, which is over-rented and will lose a big chunk of its footfall in 2 years once the government offices shut.
By Joe
100% LTV with 25 year money fixed at 2.2% interest only…why wouldn’t you?
By S
Who sets the rent for the shops his it the government or sefton council
By Anthony o toole