Local council buys Burnley's Charter Walk Shopping Centre

By

Nigel TAYLOR

Published
Oct 26, 2021

Just how Important shopping centres are to town centres becomes clear with the latest move in Burnley.

The Lancashire town’s council has purchased the Charter Walk Shopping Centre for a cut-price £20.7m after the £25.6 million price tag for the up-for-sale location failed to attract bids from independent buyers.

Property agent Savills has sold the shopping centre to the council on behalf of Tristan Capital and Addington Capital, "securing the long-term future of the town centre”.

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The  280,000 sq ft Charter Walk is home to over 60 retailers including major brands Next, JD Sports Fashion, New Look, River Island, Pandora, Claire’s and Clarks. It also benefits from a below ground car park which will generate "a significant income”, reported The Business Desk.

Council leader Afrasiab Anwar, said: “Our town centre plays an important role to residents, businesses and visitors. We have a catchment area of approximately 250,000 people and it is our intention to ensure that our town centre continues to be successful and vibrant.”

Anwar also said: “Improving the retail and leisure offer in the town [is] a key priority.” And part of that will be a proposal to include Pioneer Place, a new development which will include five retail and leisure units, the relocation of Reel cinema to the site, and a further 125-space car park.