Knowsley Council has completed a deal to buy its town centre from developer St Modwen in order to speed up regeneration.
The council paid £43.8m for 87 shops and 5ha of land plus a new retail scheme, it announced this week.
In a statement, it said it would fund the project through borrowing and is also in discussions with the Liverpool City Region Combined Authority over a potential investment.
The council said the deal means it “can now drive forward the development plans for the town centre, starting with a new retail development – something which had been promised by the private sector for over 20 years”.
