SOUTHEND Council has bought up the Victoria shopping centre for £10million - with bosses hopeful artists and entrepreneurs will be eyeing up empty shops.

The authority has taken the extraordinary move to buy the centre at the top of the high street.

Council bosses say the buy-up shows their commitment to the future of Southend town centre.

It is also the first time the council has a financial interest in the town centre.

The centre last changed hands in 2016 for more than £24million.

The council says the cash for the sale has come a £22.3m pot set aside for “strategic and regeneration acquisitions”.

Ron Woodley, Independent deputy leader of the council dubbed the sale a golden opportunity for the town.

He said: “It’s cost the taxpayer nothing and with the parking charges and rents from shops we will be making a profit.

“We can control what happens to the centre and we want to see the empty shops used and some community use too.

“It’ll be great to have artist studios, creative space and entrepreneurs and small businesses using the empty shops. This move is a big boost for the local economy and an exciting move by the council.”

He added: “The Victoria Centre is a key strategic property acquisition for us. While the income will cover the borrowing cost of buying it, its strategic value is what’s important to us. It offers future regeneration benefits and a real opportunity to make a positive impact on the High Street and town centre area.

“In the short term, the council will look at ways to increase footfall and drive up occupancy levels through short-term tenancies.

“This will provide opportunities for start-ups, relocating businesses, or artists’ studios for example.”

In September the centre, based in Chartwell Square, Southend, was put on the market.

It is home to some of the UK’s biggest shopping names including Next, Deichmann-Shoes, Metro Bank and Poundland.

Council bosses say the site is key to not only Southend’s recovery after Covid-19, but also major developments such as Queensway - which will see 1,700 homes built.

The 338,538sq ft centre was sold by Savills.

Ian Gilbert, Labour leader of the council, said he’s aware of the challenges faced by the retail sector especially during the Covid pandemic.

He said: “We all know that this is a very challenging time for retail, but on balance this is an important purchase and intervention for us to make.

“The price we have paid reflects the fact the industry is struggling. It demonstrates community leadership, confidence and investment in the town at a time when it needs it the most, and we believe this will signal a brighter long-term, future for the Victoria Centre and Southend High Street.

“It also gives us a significant land holding, ownership and influence in the town centre that we do not currently have, with which we can help support local economic recovery and the High Street.

“The centre underwent significant refurbishment just over ten years ago, but we will look at ways to make it more welcoming and that its presence at the gateway to the High Street is improved.”

Mr Gilbert said if his council has not stepped in there was a risk the centre would be left to deteriorate further.

The Victoria Centre underwent a £25m refurbishment in 2008 before being sold to a German-financed off-shore company in 2016 for £24m.