Council deal for Sovereign Centre still being worked out
PUBLISHED: 07:00 20 June 2018
North Somerset Council is still pressing ahead with plans to buy Weston-super-Mare’s Sovereign Shopping Centre, the Mercury understands.
The authority agreed to press ahead with a multi-million-pound property deal in April, although the full details have still not been disclosed.
However, the Mercury understands the council is planning to lease the shopping centre, and then buy it for £1 after 35 years.
Until the deal is completed, the council has no plans to release the details of the property deal.
When asked by the Mercury, a council spokesman said this week: “Due diligence is still being carried out. We will release details as soon as we can.”
The council bought the North Worle District Centre for £37.95million earlier this year using money from a £50million bank loan.
It hopes the deals will mean it can generate extra cash, as Government funding is expected to disappear in 2019.