Wirral buys large chunk of Birkenhead town centre
The council has acquired 585,000 sq ft of retail space across The Pyramids and The Grange from Mars Pension Fund, flinging open the doors for future phases of town centre regeneration.
Wirral Council moved quickly to acquire the shopping centres, which Mars put up for sale less than two months ago.
The sites were marketed just as the council was completing consultation on how the area could be improved as part of the Birkenhead 2040 Framework, which outlines how the town’s future prosperity can be maximised.
The purchase of the site includes The Pyramids, Argos and Conway Street car park, Princes Pavements, Borough Pavements and the M&S Unit, and Milton Pavement.
Although the shopping centres have been acquired to facilitate wider regeneration plans, the price negotiated with Mars is a “good commercial deal which yields a positive level of rental income”, according to the council.
Wirral Council’s director of regeneration and place, Dave Hughes, said: “The council’s aim is to see new life breathed into central Birkenhead and we are confident that this ambition can be achieved through the council’s local stewardship of the asset.”
Wirral Council is linking regeneration projects along the Mersey through Birkenhead. Credit Wirral Council
The town centre regeneration is part of a wider series of major regeneration schemes linking up across Birkenhead, along the Mersey Left Bank area from Bromborough through Wirral Waters to Seacombe, Liscard and New Brighton.
“Regeneration of Birkenhead town centre and the income from the shopping centres will have wider benefits for Wirral services and regeneration of Wirral’s Left Bank area too,” Hughes added.
“More than £100m of government funding has been secured by the council specifically ring-fenced to support regeneration, which is already getting underway and the next few years will see real and positive change being delivered for all the people of Wirral.”
Spanning 585,000 sq ft and home to tenants including Next and River Island, the retail complex has dominated Birkenhead town centre since it was built in the late 1980s. It generates around £1.1m in rent a year.
Tim Sankey, managing director at AEW, the investment manager for the Mars Pension Fund, described the purchase as a “positive step” for the council in its bid to regenerate Birkenhead.
“We have been very impressed with the way the council has driven the process over the past two months, these are complicated assets to transact,” he said.
“We wish them all the best with the centres and future plans for the regeneration of Birkenhead town centre.”
The acquisition follows another the council made in 2020. Then, Mars sold part of Milton Pavements to Wirral Growth Company – the joint venture between Muse and the council – where two new office buildings are now nearing completion.
Birkenhead Market in the town centre is already in council ownership, plans moving ahead for the redevelopment of the former House of Fraser Building to create a modern market.
Deloitte advises Wirral Council.
So what happens to Newbrighton,Liscard,Seacombe Etc.
Where’s the money to grow these places.
Why Birkenhead every time?
By Anonymous
Many of these council property acquisitions have been very problematic for finances of the local authority, write downs in property values and shopping habits away from the high street have left these councils with massive liabilities –
By Stuart wood
Why do folk ask where the money is to come from? Read a national economics basic text book: Money grows on magic money trees called banks, etc. The financing method is called “capitalism”: you borrow money which banks or governments create magically to invest and create socio-economic value and with the economic returns (eg additional tax income) you pay back the loan. This way you grow the national and local economy.
By James Yates
I am 100% in favour of Birkenhead regeneration as long as we get quality, imaginative housing that reflects the grandeur and bulk of Hamilton Square, in addition that Woodside waterfront is regenerated . However can Wirral spend some money cleaning the streets and gulleys in places like Hoylake, as there is grass and weeds everywhere and we are about to host the Open Golf in July.
By Anonymous
I feel that Birkenhead has had lots of money thrown at it over the years. The correct use of the money would help the people who live there and wirral as a whole.
Other areas of wirral feel that Birkenhead gets all the help financially so it needs to be proved that the money is being used productively. No expensive houses that are not truly affordable for locals – provide affordable homes. Provide large spaces for families to meet up (not a new idea – parks!!) With decent quality resources for them to use.
Get rid of ugly buildings, tatty shopfronts, sea of grey concrete and make it a place people are proud of.
By Anonymous
Birkenhead needs as much help as possible
By Al ien
Hope more shops are built so it will be a good place to visit, rather than a load of flats like every where else
By Jane Sutton
Demolish the Lot and build a Supermarket..a Quality Red Brick Building..Look to What Widnes has Built with Morrisons..Small Shopping Precinct and Market..Build Quality
By John Lynn
Love the spatter messages
By Anonymous
AEW must be rubbing their hands getting to dump these stranded assets.
By Anonymous
The council is spending our money on these failing projects. What for, to manage their decline? Mars must be laughing all the way to the bank. No private investor wanted them. Meanwhile our council tax increases year after year. The council is milking the rest of Wirral as they try to stop the decline of Birkenhead and Wallasey.
By Anonymous
Not forgotten about previous 160 million or the 40 million or the 12 million .adds up and leaves wallasey without 12 million promised .that’s the second time wirral council diverted funds from wallasey .
By John