Stockport Council agrees to buy Merseyway shopping centre

Following an extensive period of negotiation, Stockport Council have exchanged contracts for the purchase of Merseyway Shopping Centre.

The council have agreed to purchase the shopping centre, placed into Administration in 2009, with the intention of making significant investment to improve its current infrastructure and facilities, ensuring its long term sustainability.

The purchase of Merseyway is part of the Council’s objective to have a Town Centre which people want to enjoy and use. To this end, the Council is investing £900m in its Investing in Stockport projects. These include Stockport Exchange, Redrock and making access easier for all.

Eamonn Boylan, Chief Executive at Stockport Council, said: “This purchase will not cost Stockport council tax payers a penny and will provide the long awaited opportunity for the council to promote a genuine regeneration of the town centre in conjunction with the Redrock Scheme, which also went on site last week.”

Caroline Simpson, Corporate Director for Place Management and Regeneration at Stockport Council, said: “As a council we are committed to ensuring that all of the town centre and wider borough have a bright future.

“The purchase comes at a time when the Council is working hard with partners to transform areas of the town centre through our Investing in Growth projects.”

Merseyway shopping centre originally opened in 1965 and was extensively refurbished in the 1990s.

In February 2009, the centre was placed into the hands of receivers, the directors of GVA Grimley, due to the owners (Stockport Holdings Ltd), placing the centre into Administration.