Harlow Council buys Harvey Centre for £21m

The Harvey Centre has been part of Harlow town centre for more than 42 years

The purchase of a shopping centre will help the local authority have more control over an Essex town's regeneration, it said.

Harlow District Council has acquired the 8.5-acre Harvey Centre for £21m.

It said it was one of its largest ever acquisitions that had made it the second-biggest town centre landowner.

A council spokesman said it showed the authority was "serious" about regeneration.

The 42-year-old shopping centre had been put up for sale in June with a guide price of £24.5m.

In a deal that includes the service yards, the multi-storey car park, the vacant former BHS building and the cinema leisure extension that was added in 2016, the council said it would "continue to operate it as an essential part of Harlow's retail offer" while making "improvements".

The purchase, which has cross-party support at the Conservative-run council, has been funded by borrowing money, with the council receiving regular surplus income which will fund other regeneration activities as well as pay off the borrowing, the authority said.

It added that the purchase would not detract from the delivery of other regeneration priorities and it would continue to improve and repair existing council homes and build new ones.

Deputy leader, Conservative councillor, Dan Swords said the "biggest risk to the town centre" would be someone else buying the Harvey Centre

Deputy leader, Dan Swords, said it was a "once in the lifetime opportunity" for the authority and showed "how serious the council is about regenerating the town centre".

"This purchase makes us a major player in the town centre with a huge stake in its future," he said.

"It also gives much-needed stability and security to the Harvey Centre and the businesses and local people that work there."

He added that the decision to buy the centre was "not one which has been taken lightly" but the "biggest risk to the town centre is someone else buying" it and using it "simply as a cash cow".

Labour's Chris Vince said purchase of the centre would ""ensure it is protected for future generations to enjoy"

The leader of the Labour opposition, Chris Vince, said it was an "opportunity" to regenerate the existing centre and "ensure it is protected for future generations to enjoy".

"Of course, this purchase is not without its risks, but the risk of doing nothing and the area being land-banked is greater," he said.