Published: 24th May 2018

The purchase – which the council hopes will generate a profit for the council over the loan repayment period – is part of wider plans to redevelop the nearby Knowledge Quarter Gateway zone. If approved by cabinet, the council would acquire the centre’s 114-year lease, and then simultaneously enter into a 20-year underlease with Liverpool CSC Ltd. The underlease for the centre, which contains 21 retail units covering more than 50,000 sq ft, could potentially earn the council £4.3m over the first five years. The proposed tenant company is related to the Augur Group, which has taken over the previously stalled redevelopment of the Lewis’s building and surrounding plots, and they will also have an option to purchase the shopping centre from the council after five years. Buying the shopping centre is part of the council’s ‘Invest to Earn’ strategy, which uses the council’s ability to borrow at low rates … (To read the full article, subscribe below)