A £16.5m deal to buy the freehold of a North-East shopping centre went ahead yesterday.
Royal & SunAlliance Property Investments announced it had bought the overall freehold for of the Hill Street Shopping Centre, from Middlesbrough Borough Council.
Acquiring the freehold will allow R&SA to begin a process of appraisal at the centre will it says will "ultimately include further investment to benefit shoppers in Middlesbrough".
The company will now begin consulting its tenants. .
Centre manager Ian McLelland said: "Acquiring the freehold is excellent news for the Middlesbrough shopper.
"With the centre under a single ownership, management will become easier for all involved, allowing us to build closer relationships with all our retailers and pass more of the benefits onto the Middlesbrough shopper."
Traders fear the deal will force 30 small firms out of business and 100 people out of work.
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