BLACKBURN with Darwen council is to buy the neighbouring Exchange Building to boost its chances of luring a flagship upmarket shopping development for the old market site.

The bid to bring a major high-quality retail player launched in March has stalled.

MORE TOP STORIES:

Senior councillors has hoped Manchester firm Northpoint Developments would have a shortlist of potential occupants for the old market on Ainsworth Street by September.

A spokeswoman said there had been not major progress so far.

On Thursday the borough's executive board approved buying out the long lease held by Bluemantle for the Exchange Building, once the home of council offices including the Children's Services headquarters.

This would enable the council to add the East Wing of the building to the vacant 3.25-acre old market site.

This would allow them to knock down all or part of the building for the proposed shopping development and sell the West Wing for use as officers or demolition and redevelopment.

Coun Kay said: "The opportunity has arisen to enlarge the development site and enhance its value and development prospects.

"The East Wing of The Exchange occupies a site immediately adjoining the proposed market redevelopment site.

"The inclusion of this site would enhance the prospects of delivering a successful development of the council's town centre landholdings and release additional latent value."

The borough is hoping that a successful search for an upmarket retailer would bring the borough more than £5million from the sale of the land and put in place a major piece of their plans to revitalise the town centre shopping area.

The council is determined to bring an upmarket retailer to the key location, with a store of between 25,000 and 60,000 sq ft and car parking. It will complement the £33million Cathedral Quarter develop-ment, where work is already under way.

Coun Kay and borough regeneration boss Maureen Bateson are determined the new development on the empty land, once home of the five-day market hall. should be a quality company, rather than a discount store, such as Aldi or Lidl.

Firms approached include Sainsbury’s, Tesco, Waitrose, and Booths although non-food retailers, such as John Lewis, are in the frame. Senior councillors would also welcome a new store development by Marks and Spencer.

Negotiations with Bluemantle will now proceed to buy the 'dated' 4,500 square foot. The Exchange built in the 1960's.

Coun Kay said: "This is an important development."