A local authority is looking for a new management agreement to take over the running of the shopping centre it bought in October 2021.

Burnley Council is going out to tender for an experienced company to run Charter Walk effectively and make the most of it financially.

The borough's ruling executive on Tuesday approved re-letting the five-year tender for strategic asset and development management services at the shopping centre,

A report to the meeting said: "An Asset Management Agreement with a commercial asset management company is an essential part of the effective management of a shopping centre.

"The current agreement expires on March 21, 2024, and a new Asset Management Agreement is required from March 22, 2024.

"The council purchased Charter Walk in October 2021 and entered into an Asset Management Agreement with the existing asset management company.

"The council re-tenders the essential services at Charter Walk on a regular basis in order to ensure quality service provision at a competitive price.

"The tender for the day-to-day property management services at the centre was re-let six months ago.

"The Asset Management Agreement, which deals with the overarching management of Charter Walk at a strategic level, was extended until March 2024 to cover the transition period.

"The tender for asset and development management services now needs to be advertised and a new Asset Management Agreement completed to come into effect when the existing arrangements expire.

"The council is seeking to appoint an experienced asset and development management services company to manage the strategic direction and maximise the performance of Charter Walk.

" The asset management company will have a close working relationship with the property management company already in place and will work with the council in managing its investment in Charter Walk.

"It is envisaged that the Asset Management Agreement will be for a five-year period.

"Fundamental to the success of Charter Walk, and maintaining and growing income in the long term, is the appointment of an asset management company that provides quality asset management and development services.

"Experience, proven track record and investment proposals will therefore have a very high weighting in the evaluation of bids to sufficiently reflect the Council’s requirements."