Bury Council is set to buy the Mill Gate shopping centre from its private owners to help drive forward massive regeneration of the town centre.
The move is seen as a ‘once in a generation’ chance to create new housing, employment, retail and hospitality opportunities, along with new health and education facilities.
The 15-acre site is currently owned by InfraRed Capital/HSBC, and the council is exploring setting up a Joint Venture partnership with developers Bruntwood to deliver the proposed project.
The news comes just one week after the council won £20 million from the Government’s Levelling Up Fund to build a new flexi-hall on Bury Market and improve the wider area. A further £45 million is expected to be received for a new transport interchange, and these plans aim to complement all these initiatives, complement The Rock development and ‘future proof’ the town centre.
Councillor Eamonn O’Brien, leader of the council, said: “This is our ‘three Rs’ policy – Response, Recovery and Regeneration – in action, as we build back from Covid and create the Bury of the future.
“Local jobs, businesses, public services and the very quality of people’s lives depend on taking the initiative, with all partners and agencies working together to deliver prosperity for all.
“These are huge proposals, but an opportunity that we cannot miss.”
The report to cabinet says that the health of the high street is at tipping point. Economic trends show a significant decline in demand for high street shopping, with rising vacancy rates which create a cycle of decline that is very difficult to reverse.
The town centre has historically attracted significant investment such as the private sector-led development on The Rock; however, because of local and wider trends, a number of major challenges need to be addressed.
