Plans to buy Pendle Rise shopping centre ongoing despite 'half-empty and old-fashioned' fear
Pendle councillors are being asked to approve the next steps towards a legal move aiming to buy a Nelson shopping centre, as part of wider budget and regeneration plans including joint ventures.
Over the past 12 months, Future Properties, the private company which owns Pendle Rise, has said it is willing to talk about selling the site to Pendle Council or another buyer, if a price can be agreed. Future Properties says its valuation is fair and was independently assessed by a surveyor. BUDGET PLANS The shopping centre recommendation is part of a wider update about borough’s finances for day-to-day operations, known as revenue, and big, one-off schemes, known as capital projects, as it prepares to set a new budget for the 2023-24 financial year.
Pendle Council’s current 2022-23 budget, which runs to the spring, requires a balancing contribution from council cash reserves of over £1million, a report states. Big capital schemes suggested for the new financial year include £1.2million for housing work including the compulsory purchase of empty homes. Over £4million is earmarked for regeneration work including in Nelson, Colne and Brierfield Mill, now called Northlight under a joint venture between the council and Barnfield Construction.
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