Sefton Council acquires The Strand shopping centre for £32.5m

Sefton Council has acquired The Strand shopping centre in Bootle from investment firm Ellandi and Avenue Capital.

The authority said the £32.5m deal will contribute “significantly” to the delivery of its regeneration plans for Bootle town centre.

With the purchase fully funded through a loan, the council said the income generated by the centre will more than cover the cost both of the loan repayments and of running the centre.

Cash left over will go towards local services and new regeneration projects in the area.

In a statement, Sefton Council said: “The Strand is a major provider of jobs in the area and an important place for local residents to meet and shop.

“Taking control of the centre allows us to secure its future, protect jobs and use the centre to spearhead the redevelopment of the surrounding area.”

It continued: “We look forward to working with local communities to make sure that the Strand continues to perform a valuable role within the town centre and for the people of Bootle.”

Property consultancy Lambert Smith Hampton (LSH) advised the authority on the acquisition.

Ben Roberts, director of capital markets for LSH, said: “This is a very welcome and strategic move by the council as it allows it to really lead the regeneration of the town centre and secure its long term future.

“Already very well let with some big brand anchor tenants, the centre gives the council a secure and diverse income stream and something solid to build on with regards to future redevelopment.”

He added: “This acquisition also reflects the emerging trend of local authorities investing in real estate to generate income as well as assisting their regeneration strategies, as has been borne out in other towns such as Chorley, Stockport and Rochdale.”