Trafford Council and Bruntwood Works have exchanged contracts on a £50m joint venture.
The property deal will provide a boost to the borough’s economic regeneration through the purchase of Stretford Mall, Altrincham’s Stamford Quarter Shopping Centre and Clarendon House.
Leader of Trafford Council, cllr Andrew Western, said: ‘Acquiring Stretford Mall will be a massive boost to the area and our residents, with the opportunity for comprehensive redevelopment to also include our Lacy Street site.
'I know residents have been calling out for more investment in the area and we are listening to them.’
Andrew Cooke, regional director at Bruntwood Works, added: ‘Altrincham town centre is one of Greater Manchester’s biggest success stories in recent years, soaring in footfall, economic growth and consumer appeal, so we’re thrilled to be part of its journey.’
Returns from the investment on the property deal will be put back into frontline services for the council.