A run-down shopping centre in Sutton Coldfield is set to be bought by Birmingham City Council, opening up the prospect for town centre regeneration.
The Red Rose is currently home to both Sutton Coldfield Library and a council-run, multi-story car park as well as a range of shops, including a large Wilkinson’s store and a bar.
But the 1970s centre has come on the market and the city council’s offer, for an undisclosed amount, has been accepted and will be confirmed by the council’s cabinet today.
The council says its lease agreements on the library and car park contain "onerous clauses" which hamper its ability to manage them effectively.
It comes days after the council confirmed it had sold the flagship Grand Central shopping centre for £335 million - six years after it paid £91 million for the crumbling Pallasades centre on the same site.
And last week, the Post reported that another run-down centre - Central Square in nearby Erdington - was to undergo an overhaul and rebrand.
City council deputy leader Ian Ward (Lab Shard End) said the purchase of Red Rose could allow the council to look again at the regeneration of Sutton Coldfield.
He said: "The primary reason is stated in the report - that we have an interest through the library and the car park.
"But this does present an opportunity for the council to take a look at the town centre regeneration."
In 2009, the city council drew up plans for a revamp of the town centre designed to increase the retail space, create new civic buildings, a public square and upgrade the ring road to reduce congestion.
But these were put on hold as a result of the economic downturn and austerity.
The report to the cabinet said "it is not the intention of the city council to become a long-term landlord" but enable it to wriggle free of its existing and "restrictive" lease, saving about £10 million a year by 2019/2020.