A North East council has pledged to invest in a town's shopping centre after snapping up the complex in a multimillion-pound deal.
The Newgate Centre in Bishop Auckland, which has 13 retailers, has been acquired by Durham County Council in a £3.31m deal, which it hopes will trigger further private investment in the town. The authority says it is already in discussions with retail and leisure companies regarding opportunities within the centre, while also pledging investment to the centre's interior and exterior.
The move follows the council securing £19.9m of Government funding for Bishop Auckland town centre through the Future High Streets Fund, with cash earmarked for projects including a new bus station and additional car parking, as well as a scheme to bring vacant properties back into use. A further £33.2m has also been pledged through the Stronger Towns Fund, with the funding allocated to a range of regeneration projects across the town. The hope is to attract an additional 1.5 million visitors to Bishop Auckland each year, substantially boosting the county’s visitor economy by £240m and creating almost 4,000 jobs.
