This report seeks approval for the purchase of the former Co-op building (“The Property”) in New Ferry as a strategic acquisition to support the delivery of the master plan for the area. The regeneration of the town centre is a priority for the Council following the explosion in March 2017.

Resolved – That the Director of Law and Governance in consultation with the Director of Regeneration and Place, be authorised to acquire the Co-op building in New Ferry at a price of £700,000.

The Co-op building (“the Property”) is situated at the heart of New Ferry district centre and therefore forms a key site in respect of enabling any future redevelopment of the area to take place. The Property is shown edged red on the plan at appendix 1. The plan identifies the property as fronting New Chester Road close to the junction with Bebington Road. The property also has a frontage on to Bebington Road with the Woodhead Street car park to the rear. This purchase is recommended as this Property is key to enabling the comprehensive regeneration of New Ferry which is a strategic priority for the Council.

The Committee could decide not to acquire the Property. However, having regard to the lack of demand for retail property of that nature, the retraction of that market, the re-positioning of retail from physical stores to on-line shopping, it seems unlikely that the Property will return to retail use.

A search of other funding options has been undertaken but the Strategic Acquisitions Programme, is the only available source which has been identified.