Former Topshop store bought for six-figure sum
A former Topshop store in Greater Manchester has been bought by council bosses for £ 300,000.
The lease for the store at Spindles Town Square shopping center in Oldham before it was auctioned.
A spokesperson said City Hall was “fully aware” that the unit was not available when the rest of the Spindles Mall was purchased in October last year, Manchester Evening News reports.
The council then spent £ 9.5million to buy the center out of its capital budget.
The intention is to relocate Tommyfield Market to the complex, and hundreds of council staff to empty offices in the mall’s mezzanines.
The spokesperson added that the lease opportunity subsequently arose for the Topman unit linked to national announcements regarding the administration of the former owners, Arcadia Group.
The authority then bought the lease on the unit for £ 300,000, which was “below the market estimate and the suggested auction price for the unit”.
A decision notice states that failure to progress with the acquisition meant that the risks of “third party control, rentals and future financial and legal claims pose a high risk to the future redevelopment of the company’s assets and reputation. downtown”.
The option to acquire the site at auction was also ruled out, as chiefs said it was expected that there would be a “significant amount of interest” in the lease, making it an “expensive exercise.” “.
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The head of the board, Cllr Arooj Shah, said: “The purchase of the lease of the former Topman unit allows the board to have strategic control over the entire site.
“This unit provides a front door and key entrance to the mall and allows us to have more influence over the types of activities we want – and most importantly don’t want – in the mall and in our center. -city.
“All accommodations and leases in the center are now the property of the council and we look forward to bringing you more news about our exciting redevelopment plans for the center soon.
“In the meantime, continue to support your local traders and traders. They are Covid-safe and ready to welcome you again – your support will be immensely appreciated.”