Oldham Council has bought the 460,000 sq ft Spindles Town Square shopping centre from Kennedy Wilson. It plans to redevelop it into new homes, retail, business and leisure space.
The deal will help the council in delivering its Creating a Better Place strategy, which includes building 2,500 new homes.
Tommyfield Market, located in the shopping centre, will be relocated and a new park will be created in its place, with new homes surrounding it.
Development and delivery adviser CBRE will work with the council to progress redevelopment options.
Kennedy Wilson acquired Spindles Town Square as part of a £250m deal for the Britannica retail property fund portfolio in 2013 after the fund entered into administration.
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