Bolton Council has completed the purchase of the Crompton Place shopping centre for £14.8m.

The council said the shopping centre is central to its £1bn town centre regeneration masterplan, and it is currently working to bring forward development proposals at four other sites.

Leader of the council, Cllr Linda Thomas, said: ‘We have carried out extensive due diligence checks before acquiring the centre and these have confirmed that the purchase price reflects current market conditions and represents fair market value.

‘Bolton is following the example of many other local authorities across the country that have also invested in their local shopping centres to deliver regeneration schemes.’

The purchase was made from its £100 town centre fund, which is funded by a low interest loan.