Published 21 November 2019
West Dunbartonshire Council will explore the possibility of purchasing Clydebank Shopping Centre.
Current owners Cerberus recently approached the Council to advise they were putting the Centre on the market.
At this week’s meeting of the Infrastructure, Regeneration and Economic Development Committee, Councillors gave the go ahead for officers to conduct due diligence to assess the viability of taking over.
As part of this, they will consider market forces, as well as a range of plans including the potential for introducing more leisure and food options, and including it in part of a wider town centre regeneration plan.
The centre is currently operated by Edinburgh House Ltd. It is held on five separate ground leases from West Dunbartonshire Council, which expire in November 2103.
Members of the Committee heard that taking the leasehold of the Centre would simplify the current structure and lead to better short term and long term control over it for the Council.
Some councils in England and Wales have taken similar action to take control of a declining shopping centre so they could proactively transform their town.
Following approval from members of the Committee, officers will now look in more detail at what acquiring the leasehold would mean, before reporting their findings back to a future meeting of the Committee.
Jim McAloon, the Council’s Strategic Lead for Regeneration, said: “We welcome approval to move forward and conduct due diligence on the potential opportunity to purchase Clydebank Shopping Centre.
“This is a complex issue, but we will be thorough in our exploration of this, and report back on our findings about the Centre, which we know is at the heart of the Clydebank community.”