North Somerset Council makes deal for shopping centre?
PUBLISHED: 14:52 17 April 2018 | UPDATED: 14:53 17 April 2018
North Somerset Council has agreed to make another deal for a commercial property.
The authority agreed a £38million loan to buy North Worle District Centre, in Worle, in March.
Councillors discussed a second commercial property behind closed doors on April 10, and agreed a multi-million-pound deal should go ahead.
It is understood the Sovereign Shopping Centre in Weston is the property involved.
Unlike Worle’s retail park, the council intends to lease the property and then buy it for £1 after 35 years.
The details will be made public once the deal has been completed.
A council spokesman said: “Completion of the purchase is subject to finalising any outstanding due diligence work.”
The council says owning multi-million-pound properties is necessary as it needs to find alternative ways of raising money, with more Government cuts looming. It has cut £101million from its budget since 2010.