Negotiations have begun between Buckinghamshire Council and Rockspring Property UK over the authority’s plans to buy Friars Square shopping centre in Aylesbury.
It is considering a long redevelopment rather than an investment in the 283,000 sq ft 1960s centre.
The council says it has taken independent advice and promises every step will be subject to ‘meticulous legal and financial considerations’ before any purchase.
Steve Bowles, cabinet member for town centre regeneration said: “Whilst the centre would be bought as a going concern, we are considering the purchase of Friars Square shopping centre, not as a retail investment but as an opportunity to acquire the land for the longer-term future use which will allow the council to bring forward a significant regeneration scheme for Aylesbury town centre.
“The Aylesbury Garden Town Masterplan sets out this ambitious vision for the town centre, part of which is the station quarter.”
Any purchase would be financed by a Public Works Board loan, paid back over 40 years.
Image: Nigel Cox / Aylesbury: Friars Square.
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