Oldham Council has bought the Spindles Town Square Shopping Centre to provide a catalyst for town centre recovery.
The purchase will enable the Tommyfield Market to be relocated to a more prominent location as part of the refurbished shopping centre.
The council said the purchase would safeguard an important town centre building and help release brownfield sites across the town centre.
Cllr Sean Fielding, council leader and cabinet member for economy and skills, said: 'The Spindles Town Square Shopping Centre is a landmark of Oldham town centre, and acquiring it is a fantastic opportunity to kickstart transformational change and provide a catalyst for post-COVID recovery.
'Creating a Better Place is about making Oldham an even better place to live, work and do business. The council has bought this building as part of a wider plan to lever in additional external monies to support the delivery of our regeneration plans, new developments and importantly - new homes for our residents.'
The council said the purchase is self-financing as plans for the centre will help release operating efficiencies and budget savings from other land and property owned by the council.