A COUNCIL has completed the purchase of the borough’s main shopping centre for a bargain price.

Its leader has hailed the deal as essential to keeping its retail and leisure offer ‘successful and vibrant,.

Burnley Council has announced it has completed the deal to buy the town’s Charter Walk shopping centre for £20.7million, well below the asking price of £25.6m.

Liberal Democrat Group leader Cllr Gordon Birtwistle welcomed the news but Tory boss Cllr Alan Hosker expressed fears the purchase could lead to higher council tax bills for residents.

As the Lancashire Telegraph exclusively revealed, the authority bid for the centre in August after owners Tristan Capital and Addington Capital put it up for sale.

The 280,000 square foot centre is home to retailers including Boots, Wilko, Primark and JD Sports and has an underground car park.

Council leader Cllr Afrasiab Anwar said: “We have a catchment area of approximately a quarter of a million people and it is our intention to ensure that our town centre continues to be successful and vibrant.

“Investment in shopping centres has changed considerably in recent years and the council knew that in order to secure a strong future for our town centre, it needed to take ownership of Charter Walk.

“This will be funded from the rental incomes from businesses in the centre. I should stress that this is not being funded from residents’ council tax.

“You don’t have to look far afield to see other towns where shopping centres have fallen into decline and we are adamant that this will not be the case in Burnley.

“Gaining ownership of Charter Walk demonstrates our commitment and confidence in our town centre and we will reinvest any surplus rents into its further development.”

Cllr Hosker said: “I just hope this is a good decision and it is a success.

“My fear is that this will come back to bite the council and end up costing council tax payers money in higher bills.”

Cllr Birtwistle said: “ This is a good deal.

“It was well negotiated and the council can now use the £4m it saved on refurbishing Charter Walk and making it more attractive to shoppers.”

The acquisition follows the refurbishment of the St James’s Street pedestrianised shopping area and work to create the Pioneer Place leisure complex.