Bootle Strand has lost £18m in value since it was bought by Sefton Council four years ago, the ECHO can now reveal.
Sefton purchased the struggling shopping centre to mark "a new era" for the town, returning it to local ownership for the first time in years.
This deal cost the cash-strapped council £32.5m, but leaders said the income generated by the Strand will “more than cover” the loan repayment and the centre’s running costs.
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Reversing the Strand's fortunes was the aim, with money generated to contribute to much needed local services and new regeneration projects.
But figures revealed at a council meeting this week valued the centre at £14.21 million - less than half of what it was bought for.
Sefton Council remains adamant the decision to buy the Strand was the right one.
The site, it says, is central to the future growth of Bootle, and at the heart of the town centre’s physical, social and economic regeneration. It also provides essential services and amenities to local people.
In June, the council submitted a £14.5 million Levelling Up Fund bid for Bootle. Proposals contained in the bid include a new, hi-tech digital and Virtual Reality venue hosting the UK’s first "Flying Cinema"
A canalside event held over the recent August Bank Holiday weekend, it says, was attended by thousands of people.
When complete, the council says, Bootle Canalside will include an urban garden, food, drink and leisure outlets and events spaces.
It will "bring activity to currently under-used land", as well as helping to kick-start the local economy.
It will also "improve the quality of life and create opportunities for the community".
Sefton Council Leader Cllr Ian Maher said: “Regenerating a town that was one of those that has been hit hardest by the pandemic and other factors is going to be a long haul and, as a result, the decision to acquire the Strand has proven to be the correct one.
"Without the council owning the Strand this project would not be possible.
“As would be expected, there has been a reduction in the value of the Strand shopping centre complex, to the current figure of £14.24 million.
“However, this valuation does not impact on the Council’s financial position, but the acquisition illustrates how Sefton Council is firmly committed to creating opportunities for local people to influence the future of the site and the town centre.
“Achieving this means having the vision, ambition and confidence to take the long-term view and being open and honest about how we intend to achieve it.
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