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PRIVACY
Commercial Property

Former Topshop store snapped up for six-figure sum

Oldham Council now has control over the whole site

Spindles shopping centre in Oldham (Image: Joel Goodman)

A former Greater Manchester Topshop store has been bought by council bosses for £300,000.

The leasehold of the store in the Spindles Town Square Shopping Centre in Oldham ahead of it going to auction.

A spokesperson said the town hall was 'fully aware' that the unit was not available when the rest of the Spindles shopping centre was bought in October last year,

The council had then spent £9.5m on buying up the centre from its capital budget.

The intention is to relocate Tommyfield Market into the complex, and hundreds of council staff into empty office spaces in the mezzanine floors of the shopping centre.

The spokesperson added that the leasehold opportunity subsequently arose for the Topman unit linked to national announcements about the administration of former owners, Arcadia Group.

The authority then purchased the leasehold on the unit for £300,000, which was 'under the market estimate and suggested auction price for the unit'.

A decision notice states that not progressing with the acquisition meant the risks of 'third party control, lettings and future financial and legal claims are a high risk to the future redevelopment of the asset and reputation of the town centre'.