Moving Shrewsbury shopping centre ownership 'onshore' costs council £75,000

But the council said the move would lead to an annual saving of £29,000 a year, meaning the cost will effectively be repaid in under three years.

The centres, bought by the council for £51 million in January 2018, were brought onshore last week having previously been held as Jersey Property Unit Trusts (JPUTs).

As the centres were already held as JPUTs by their former owners, the council said buying all units in the trusts – similar to company shares – was the simplest and cheapest way to make the purchases.

It was initially intended to bring ownership of the assets onshore by the end of the 2018/19 financial year.

The council said the complex process “required a significant amount of due diligence and investigation”.

Councillor Steve Charmley, portfolio holder for assets, said: “We are delighted that the centres are now fully onshore.

“This was a lengthy and complicated process and I want to take this opportunity to thank everyone who has worked tirelessly in ensuring this was achieved in the most efficient way possible.

“This has been an ambition of the council’s from the outset and is another important step on the journey to enable us to deliver a vibrant, sustainable, and commercially successful town centre for all.”

The council has maintained its decision to purchase the centres, which had dropped in value to £17.5m by July 2020, was motivated by the need to manage the transformation of the centres in response to market changes.

The Riverside centre is set to be demolished as part of the regeneration of the riverside area of town, a key element of the Big Town Plan.

Meanwhile the Pride Hill centre is set to become the council’s new headquarters when it vacates Shirehall in 2023. The top floor will be turned into a leisure destination which could include a restaurant, cinema and bowling alley.

The Darwin centre will remain as the main retail centre and last year underwent a £2m refurbishment.