Councillors to vote on purchase of town centre

A final decision on a proposed £13m purchase of a town centre will be put before councillors next week.

Members of Stockton's Labour-run cabinet will decide on 4 November whether or not to acquire the town centre from current owners Sheet Anchor Evolve.

The initial purchase and other works would be funded by a £20m grant which was approved by the previous Conservative government in 2023 and later confirmed by the current Labour administration.

Papers outline that, since 2008, the centre has had four private sector owners, "none of whom have invested in the asset", with the current owner indicating that it isn't planning "major repair and improvement works".

Speaking to the Local Democracy Reporting Service, cabinet member for resources and regeneration Councillor Paul Rowling described the existing area as "quite run down".

Funding for the purchase needs to be spent by March 2028 and cabinet members will only be voting on phase one next week.

That would see the council take full control of the centre, carry out some repairs and demolish the vacant Queensway South building and the former library.

Rowling said the council's working valuation of the town centre is £10.75m and the cabinet will have to decide whether it can justify paying the higher asking price.

He said Billingham had been exposed to wider challenges facing high streets nationally, but previous owners "haven't helped much".

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