BLACKBURN Shopping Centre has been put up for sale by its owners Standard Life, and a number of potential buyers have already shown an interest.

Traders today welcomed the news and said the Edinburgh-based investment company had gone as far as it could in the town.

Blackburn with Darwen Council said new owners may bring in more investment.

And Foreign Secretary and Blackburn MP Jack Straw said he was looking forward to a new owner coming in quickly with a fresh eye and a new approach.

Standard Life bought the shopping centre in 1993, two years before ploughing £15million into refurbishment.

But it has been criticised for not improving the Lord Square area of the centre.

Mike Hannigan, investment director for Standard Life: "We are considering the sale of the shopping centre but we have not sold it yet.

"We have agents involved who will look for suitable buyers and it will be sold as a shopping centre. We have been approached over the years and we have now decided to put it on the market."

Mr Straw said: "Standard Life have invested a considerable amount in the shopping centre to the benefit of Blackburn and I shop there a lot myself.

"However I look forward to a new owner coming with a fresh eye and a new approach.

"I hope that a deal will be concluded quickly and we can get new investment into Blackburn Shopping Centre.

"It is vital not just for Blackburn that the town has a bright, clean and vibrant shopping centre, but for the sub regions of East Lancashire. I am optimistic that this will be a boost."

Coun Andy Kay, the council's executive member for regeneration said: "The sale of the centre may well bring with it a new impetus to the overall Blackburn Town Centre strategy.

"The shopping centre itself is a good commercial proposition for an imaginative developer and we are led to believe from market sources that there is interest from a number of potential buyers.

"The council has had a productive relationship with Standard Life over the years and worked with them on the redesign of most of the shopping centre.

"We have been disappointed that Standard Life, due to the financial position of the company overall, felt unable to invest in Lord Square which we believe provides an excellent opportunity to attract new investment.

"As a council with a proactive strategy of regeneration for its town centre we believe that big names in retail could be interested in the centre and we would be keen to strike up a positive working relationship with the new owners.

"The centre itself has one of the largest footfalls in the North West. Nearly all outlets within the centre are occupied and this obviously will be attractive to potential buyers."

Coun Kay added that Standard Life was in the process of reducing "its exposure" in town centre shopping centres.

He said: "The sale of shopping centres is not uncommon as companies change their priorities and financial targets.

"Standard Life is an investment company and in line with its policy of recent years it is adjusting its investment portfolio to reduce its exposure in town centre shopping centres.

"The market understands this and Standard Life has decided now is the appropriate time to put the Blackburn centre on the market."

The company owns five other shopping centres throughout the country as well as having joint-ownership in one in London. It also owns 22 out of town retail centres throughout Britain.

Ronnie O'Keeffe, president of the Blackburn and District Chamber of Trade, said new owners needed to invest in the centre to make it work.

He said: "We are sad to see Standard Life selling up and leaving the town, it has obviously run their course in Blackburn.

Standard Life has said on many occasions it does not have the money to invest in schemes such as Lord Square and selling to new owners may well mean more money invested in the centre."

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