A TOWN centre shopping centre looks set to be brought under new control soon.

The council’s cabinet approved the assignment of the leasehold interest in Golden Square Shopping Centre at its meeting on Monday.

It means the Blackburn-based Adhan Group, which runs a number of other shopping centres in the north west, could conclude a deal for the centre by the end of the year.

The freehold interest in the site is owned by the council, which lets a long leasehold by way of a 250-year lease.

According to a report to cabinet, this long leasehold interest was sold in 2014 and acquired by the Alaskan State Pension Fund. The current leaseholders are Alaska UK Trustee Ltd and Alaska UK Nominees Ltd.

The council receives 13.11 per cent of net rental income but has ‘no day to day management, liability or costs’ in operating Golden Square.

The report stated the current leaseholder went into receivership in July 2021 and since that date the receivers have managed the site.

It added that the receivers, in conjunction with the German bank who hold the ‘senior debt’, have sought a buyer, through a marketing exercise, ‘in order to repay the debt’ – and they are seeking to complete the assignment before the end of 2022.

The cabinet approved the assignment of the leasehold interest from Alaska UK Trustee Ltd and Alaska UK Nominees Ltd to AG Retail Num (6) Ltd.

During the cabinet meeting, council chief executive Steven Broomhead said he, along with the council's director of growth Steve Park, met with Mr Patel and his asset property manager earlier in the day.

He said it was to establish ‘effective and good relationships’ with the Adhan Group, and to talk ‘at a very early stage about some of their ambitions’.

He said the site is obviously a ‘key asset’ for the borough and town centre.

Mr Broomhead intends to organise a wider partnership event, where cabinet members will be able to speak to Mr Patel.

Council leader Cllr Russ Bowden said: “We’ve demonstrated consistently about how we support those people who want to invest in our town centre.

“Certainly if the Adhan Group are going to be an owner of Golden Square, that seeks to invest, make sure that it thrives, we obviously see the benefit of that as well, not just through the rental income that comes directly to the council, but as Cllr Jennings said before, about the economic boost that gives to our local economy here in Warrington.”

The report to cabinet said the council has received a formal approach from the solicitors acting for the receivers requesting consent to assign the lease to AG Retail Num (6) Ltd, part of the Adhan Group of companies – owned by Salim Patel, who formed the Blackburn-based Adhan Group in 2003.

The report to cabinet said the Adhan Group is the owner of five managed shopping centres, as well as a wider portfolio of retail units, shopping parades and industrial facilities.

It adds: “The Adhan Group companies are actively managing all of these properties, working collaboratively with the local authorities and local businesses. The Adhan Group also own in excess of 12 million sq ft of industrial property across multiple geographies including, having acquired from institutional investors including LaSalle, Threadneedle, Blackstone and Blackrock.”

It also says the shopping centre portfolio includes The Mall Blackburn, Ropewalk Nuneaton, Belle Vale Shopping Centre, Port Arcades Ellesmere Port and St Georges Preston. Of these, only Preston is held freehold with the rest being held long leasehold from the respective local authorities.