Council takes over ownership of shopping centre

Ownership of a shopping centre in Staffordshire has been transferred to a local council for nothing.

Ankerside in Tamworth has been taken over by the town's borough council, adding the long leasehold interest to its existing freehold in the 200,000 sq ft centre.

Current tenants at the retail hub in George Street include Barclays, Three, EE and Pandora.

The council said it would now work with real estate investment trust NewRiver, which specialises in managing retail centres, to revamp Ankerside.

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Cllr Nova Arkney, portfolio holder for infrastructure, heritage and local economy at Tamworth Borough Council, said: "Through mutual agreement with the current owners, the council has negotiated ownership of Ankerside.

"We're committed to seeing a town centre fit for the future and this move seeks to provide stability and reassurance to Ankerside tenants and shoppers and to secure the long-term future of the shopping centre in the heart of our town centre.

"We have plans to invigorate the centre and are supported by NewRiver in developing this.

"NewRiver is working on our behalf with all existing Ankerside tenants and contractors to deliver a smooth transition and continued operation of the centre.

"Ankerside Shopping Centre and the wider Tamworth town centre remain open for business and we encourage everyone to continue to support the businesses in our wonderful town."

REI Nederland BV said in a statement: "We are delighted to have worked with Tamworth Borough Council over the past 24 months, culminating in the council adding the long leasehold interest to their existing freehold interest.