A RUN-down shopping mall in Altrincham is set for a multi-million pound makeover, after being bought by a leading property development company.

Edinnburgh-based Miller Developments has completed a deal to buy the Grafton shopping centre.

And the Edinburgh-based property company has unveiled ambitious plans to revitalise the centre, which went into administration in 2009 and has since been run by administrators.

Miller Developments plans a £10m upgrade for the centre - and work should be underway within a couple of months.

The upgrade will include a 91-room Travelodge hotel in a six storey office block above the 25-unit shopping centre.

Three large stores of about 5,000 sq ft each will be opened in the ground floor shopping centre at the George Street side.

Most of the existing shops will remain in the 25-unit mall - and Miller Developments’ director, Mark Hewett, said the prospects were bright for the centre.

The work to upgrade the shopping centre should be underway by the end of June and completed by the autumn.

Work on the hotel should begin even sooner, in mid June, and the hotel should be taking its first guests by spring 2012. Planning permission for a hotel was granted in 2008.

Although the purchase price for the centre has not been disclosed, it is believed to be significantly less than the original £7m asking price.

Mr Hewett said his company’s plans were a vote of confidence in Altrincham’s prospects : “We are stepping in to turn this around.

“While it has been in administration it has just been ticking over and has deteriorated markedly.

“We see the potential to bring new retailers into the town. This can only bring new life to George Street.

“Any type of inward investment in a town centre is a cause for optimism.

“This is the first acquisition of a town centre retail area we have made for a number of years in the UK, so this is a vote of confidence in Altrincham.

“We genuinely believe it has growth potential and are taking a bold step in proceeding with this without pre-letting the units.”

Sarah Walmsley from Altrincham Traders and Residents Forum - which has been spreaheading the campaign to revitalise Altrincham - said: “This is fabulous news, we are absolutely delighted.

“This is the kind of news we very much welcome, the refurbishment of the existing town centre rather than building new.”