A North East council has pledged to invest in a town's shopping centre after snapping up the complex in a multimillion-pound deal.
The Newgate Centre in Bishop Auckland, which has 13 retailers, has been acquired by Durham County Council in a £3.31m deal, which it hopes will trigger further private investment in the town. The authority says it is already in discussions with retail and leisure companies regarding opportunities within the centre, while also pledging investment to the centre's interior and exterior.
The move follows the council securing £19.9m of Government funding for Bishop Auckland town centre through the Future High Streets Fund, with cash earmarked for projects including a new bus station and additional car parking, as well as a scheme to bring vacant properties back into use. A further £33.2m has also been pledged through the Stronger Towns Fund, with the funding allocated to a range of regeneration projects across the town. The hope is to attract an additional 1.5 million visitors to Bishop Auckland each year, substantially boosting the county’s visitor economy by £240m and creating almost 4,000 jobs.
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Millions of pounds are also being invested in the town by partner organisations such as The Auckland Project, which has committed £275m. Coun Richard Bell, deputy leader of Durham County Council, said: “This is a significant investment for the council and the first time we have purchased such a development. However, the Newgate Centre is a key part of regeneration plans for the town.
“If we want to revitalise Bishop Auckland and create a vibrant and inviting town centre, it is crucial that a facility such as the Newgate Centre provides a viable and attractive offer. If we can attract more people into the town then we can expect to see more money spent there, which in turn also increases opportunities for employment for local residents.
“We are already working extremely hard to attract new tenants to the centre to provide something different to what has gone before and are confident that we will be able to provide more information on these opportunities very soon. This is an exceptionally exciting time for Bishop Auckland and the purchase of the Newgate Centre is a further step on the road to making the ambitious plans of ourselves and our partners for the town a reality.”
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