WARRINGTON Borough Council has completed its controversial deal to buy Birchwood Park.

It has been confirmed this afternoon, Tuesday, that the £200 million plus contract to buy the business park from Oaktree Capital Management has been finalised.

The deal was subjected to scrutiny by a group of rebel Labour councillors who said the Labour-led executive had not consulted widely enough on the decision earlier this summer.

However the executive decided to press ahead with the move.

The takeover, lead by Warrington and Co, the council's business arm, could net the council in excess of £10 million a year in rent.

A spokesman said: "The acquisition represents a significant investment and development opportunity within a growing regional market.

"The council will seek to maximise on opportunities throughout the business park through continued investment and asset management initiatives."

Birchwood Park is home to more than 150 companies across a business park comprising 123 acres that sits in an Enterprise Zone.

Around 1.2 million square feet of accommodation is currently let employing more than 6,000 people.

Patrizia, the current asset managers at Birchwood Park, will continue in their role.

The council has been represented by Knight Frank while JLL has acted for Oaktree.