direct to your inboxConcerns have been raised over Rochdale’s flagship Riverside shopping centre after it emerged the council is liable for the rent and business rates on empty units.The town centre retail and leisure destination - home to big names such as M&S, Next and River Island - opened in the summer, but has been badly hit by the pandemic.The launch of its Reel Cinema has been twice delayed, while clothes shops and food outlets have been seriously affected by Covid restrictions.Rochdale council is the ‘head tenant’ of the £80m scheme, and has an option to buy the centre for £1 at the end of the 35-year lease.It pays an annual rent to investor M&G Ltd, offset by the rent it receives from tenants .The newsletter that brings.
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