Galleries cost Wigan Council Â£8m
Wigan Council has revealed it has bought The Galleries for an Â£8m sum.
The amount paid for the ailing and partly-shut shopping centre, which was largely drawn from the profits of the town hall’s shares in Manchester Airport, was originally undisclosed.
However, following intense discussion on social media the town hall decided to reveal the exact figure to set the record straight.
Paul McKevitt, deputy chief executive, said: “We originally sold the Galleries in 1996 for more than £90m.
“The site was acquired for £8m, to deliver the regeneration of the town centre after years of decline.
“This was funded using investment income, for example the Manchester Airport dividend, so there weren’t any borrowing costs or interest paid.
“Through The Deal we are committed to supporting our local economy and this investment has been welcomed by business leaders and residents.
“We are hopeful with a private developer on board we can remodel our town centre and create a more vibrant, leisure offer for both residents and visitors.”