Browne Jacobson has advised High Peak Borough Council on its acquisition of The Springs Shopping Centre, located in Buxton, Derbyshire for an undisclosed amount.
The Council purchased the building as part of its long-term strategy to regenerate the Spring Gardens area and create a fit for purpose town centre that retains the rich heritage and culture that Buxton is known for.
The Council secured £6.6m in funds for part of the project after successfully bidding to the Future High Streets Fund. The Council will inject a further £4.2m from its own budget into the scheme to bring the future vision for Buxton to life.
The Browne Jacobson advisory team was led by Birmingham based real estate partner Thomas Howard who commented: “We are proud to have worked with the Council to acquire this key site in their regeneration ambitions for Buxton. Having been involved since heads of terms were being negotiated, I’m delighted the Council has reached this important milestone.”
Councillor Anthony Mckeown, Leader of the Council said: “Town centres across the country face huge challenges and Buxton is no exception. To reverse that trend, we’re all agreed that Buxton town centre needs investment and improvement to create modern, fit for the future places for living, working and enjoying leisure time.
“That’s what townspeople and businesses have told us they want and it’s why we made our successful bid to the Future High Streets fund.
“The hard truth is that The Springs as it stands now is not working for our town and the community. Buying the shopping centre puts the Council and the local community in control so we can work together to drive this regeneration forward.
“Now that this acquisition is complete, we’ll be coming back to our residents, businesses and partners to further shape our shared vision for a rejuvenated town centre.”