Tameside Council acquires second shopping centre as it gears up for £1bn regeneration plan

Tameside Council has completed the purchase of a second shopping centre in Ashton-under-Lyme in the space of six months as part of a £1bn regeneration plan.

The Greater Manchester council has bought the 140,000 sq ft Arcades Shopping Centre from Fairacre Property. The purchase, along with the acquisition of neighbouring Ladysmith Shopping Centre in May, means the council now owns 300,000 sq ft of core shopping-centre space in the heart of the town.

The acquisitions form part of a £1bn plan to unlock a development pipeline that will deliver more than 5,000 new homes, 3,000 new skilled jobs and vibrant and “experience-led town centres”. The council has secured £250m of public investment to support the plans. It has received a loan through the Greater Manchester Combined Authority’s Good Growth Fund.

The council will now seek to appoint a consultant to review its town centre plans in light of both shopping centre acquisitions.

The centres sit within the boundary of the proposed Ashton and Stalybridge Mayoral Development Corporation (MDC) planned for next year following GMCA approval last month.

Deborah McLaughlin, Chair of the Ashton Mayoral Development Zone, said: “The proposed Ashton and Stalybridge MDC would provide a platform to help accelerate that transformation and unlock further regeneration opportunities.

“For our development partners, this is a rare opportunity: a clear vision, control of key town-centre assets and the ambition to turn that vision into reality — delivering lasting benefits for Ashton’s residents, businesses and wider community.”