Bolton Council is to spend £1.74m to buy the HSBC building in Victoria Square, securing the freehold of a strategically important town centre site as part of its flagship redevelopment project.
The authority’s cabinet has approved the purchase of the freehold interest in 1 to 3 Victoria Square, allowing the building to be included in the mixed-use redevelopment scheme. The net purchase cost is estimated at £1.74m, funded from the £100m the council originally set aside to buy town centre properties to bring forward redevelopment.
Last piece in the puzzle
Bolton Council Leader, Coun Akhtar Zaman, said: “Crompton Place is our flagship redevelopment project and alongside our partners Federated Hermes MEPC we are looking forward to a new town centre development that everyone in Bolton can be proud of.
“While it has always been possible to deliver this project without acquiring the HSBC building, this decision will secure control of a strategically important site and enable a comprehensive redevelopment.
“It represents the last piece in the puzzle to allow the site to reach its full potential.”
Crompton Place demolition underway
The nearby Crompton Place shopping centre is currently being demolished. Bolton Council purchased Crompton Place in 2018 before assisting tenants to relocate elsewhere in the town centre. The demolition will create one of the biggest inner town centre development spaces in the country.
The shopping complex had been the beating heart of the town’s retail space for more than 50 years. Specialists Rhodar have started to strip the interior of the former shopping centre, a preliminary step before the building itself is torn down.
New pedestrian route and public space
The demolition will re-establish a direct pedestrian route between Victoria Square and Bradshawgate and create new open space for pop-up events and activities. The centre, built in 1971, was originally called the Arndale before changing its name in honour of Bolton textile pioneer Samuel Crompton.
Earlier estimates of the length of the demolition project published by the council said it would take around 12 months to clear the site.
Mixed-use development planned
Once the site is fully cleared, the area will be transformed by the council’s developer partner MEPC, an arm of Federated Hermes. The company is behind some of the UK’s biggest urban regeneration projects including NOMA in Manchester and Paradise in Birmingham.
A planned mixed-use development will offer new homes, places to work, hospitality, leisure and public space.
