William Eichler 12 January 2022

Middlesbrough Council purchases £12m shopping centre

Middlesbrough Council purchases £12m shopping centre  image

Middlesbrough Council has acquired a multi-million-pound shopping centre as part of a drive to secure the town centre's long-term future.

The purchase of the Cleveland Centre was completed this week, with the council agreeing to pay £12m for a shopping centre that changed hands for £85m less than six years ago.

Middlesbrough mayor Andy Preston said the council was ‘stepping in to save’ the centre.

The Cleveland Centre has been the town's retail focal point since it opened in 1973, covering 30% of the overall retail space in the town centre.

Mayor Preston said the council's investment strategy would help to transform the future of the town centre through a better balance of retail, leisure and residential space.

‘A stronger town centre is essential for the prosperity of everyone in Middlesbrough. It's better for jobs, better for mental wellbeing and it helps the council to provide the best possible services,’ said mayor Preston.

‘So buying such a fundamental town centre site makes absolute sense as we try and future-proof the centre of Middlesbrough.

‘Struggling town centres isn't just a Middlesbrough problem. High streets everywhere are having a tough time and this savvy move makes sure we can be in the control of our own destiny.

'I'm determined that we won't simply stand by and see what happens. When there's a solid business case to intervene, we will.’

‘We've played a patient waiting game, driven a hard bargain and hammered down the price,’ he continued.

‘We've purchased a town centre asset that sold for £85m just over five years ago for just £12m. We are stepping in to save it for a fraction of that price to help build a better future for our town.’

Image: Red Carpet 2020 / Shutterstock.com

SIGN UP
For your free daily news bulletin
Highways jobs

Head of Democratic Services, Elections & Monitoring Officer

Harborough District Council
Grade 12 £67,236 – £71,223 plus £3000pa Statutory Officer Allowance
We are looking for an accomplished and proactive leader for our vacant post of Head of Democratic Services & Elections Market Harborough, Leicestershire
Recuriter: Harborough District Council

Social Worker

Durham County Council
£35,412 - £39,152 (pre-progression) / £40,777 - £45,091 (post-progression)
We are looking for social workers who have completed the assessed and supported year in employment to join our Families First teams, working with our Durham
Recuriter: Durham County Council

Social Worker

Durham County Council
Grade 9 £35,412 - £39,152 (Pre-Progression) / Grade 11 £40,777 - £45,091 (Post-Progression)
Are you a nurturing social worker passionate about supporting parents so that children can remain with their birth family?     This could be the right Durham
Recuriter: Durham County Council

Administrative Officer

Durham County Council
Grade 4 £25,583 - £26,824
An exciting opportunity has arisen for a Administrative Officer to join our busy, friendly team, supporting Children and Young People’s Services. 1 x Spennymoor
Recuriter: Durham County Council

Lunchtime Play Worker

Durham County Council
£24,796 pro rata
Lunchtime Play Worker Grade 1 £24,796 pro rata Part Time - 6.25 hour per week, Monday – Friday
Recuriter: Durham County Council
Linkedin Banner