Tameside Council has acquired the 140,000 sq ft Arcades Shopping Centre in Ashton-under-Lyne, Greater Manchester, from Fairacre Property for an undisclosed price.
The 140,000 sq ft centre is home to tenants including Boots, Home Bargains, Peacocks, Greggs and Costa Coffee.
The deal follows the council’s acquisition of the 151,502 sq ft Ladysmith Shopping Centre, which is located next door to the Arcades Shopping Centre, from NewRiver REIT in May.
Together, the acquisitions give the council control of Ashton’s entire shopping centre provision, bringing almost 300,000 sq ft of space into public ownership. The centres form an important part of the council’s £1bn regeneration strategy for the town.
The council has been supported by Greater Manchester Combined Authority by way of a loan through its Good Growth Fund and will now seek approval to appoint a consultant to review the town centre masterplan.
Deborah McLaughlin, chair of the Ashton Mayoral Development Zone, said: “Bringing both the Arcades and Ladysmith into public ownership is a major milestone in Ashton’s regeneration. With Market Square being transformed and the town hall restored as a cultural hub, the town centre is already changing. Taking control of both shopping centres gives the council the opportunity to shape a stronger retail offer, support local businesses and create space for new homes, leisure and workspace. Our ambition is to create a more vibrant town centre that gives residents more reasons to visit, spend time and spend locally, while attracting new businesses, investment and jobs.
“The proposed Ashton and Stalybridge MDC would provide a platform to help accelerate that transformation and unlock further regeneration opportunities. For our development partners, this is a rare opportunity: a clear vision, control of key town-centre assets and the ambition to turn that vision into reality – delivering lasting benefits for Ashton’s residents, businesses and wider community.”
Eleanor Wills, leader of Tameside Metropolitan Borough Council, added: “Ashton has a long history as one of the North West’s major market and commercial destinations. We’re planning to build on this heritage while creating a modern town centre that reflects how people shop, work, live and spend their leisure time today. Our vision is for it to be a place that offers real opportunity and an exceptional quality of life to everyone who lives and works here. Owning both centres ensures these important assets have a long-term future, and that Ashton can continue to be shaped with local people and businesses in mind.”
Ashdown Phillips are the council’s managing agents for the Ladysmith Shopping Centre and will be retained to manage the Arcades as well.
