Issue - meetings

To consider a report of the Corporate Director for Place Management and Regeneration

The report seeks authority to progress with the speculative development of Stockport Exchange Phase 3, utilising prudential borrowing. This decision is being sought in light of the success of Stockport Exchange Phase 2, where there was greater demand than the office building was capable of accommodating and the current letting profile. The report also seeks to commence the demolition works upon Vacant possession of Cineworld, which will provide the required land to construct Stockport Exchange Phase 3 and associated public realm and to progress Stockport Exchange Phase 6 to planning only.

NOTE: This report contains appendices which have been circulated to Cabinet Members only.

The Cabinet is recommended to:

·         agree to the demolition works upon vacant possession of Cineworld;

·         progress the development of Phase 3 utilising prudential borrowing, and on the abovementioned terms;

·         progress planning for Phase 6 in tandem with Phase 3; and

·         authorise the Deputy Chief Executive and Corporate Director of Place Management and Regeneration, in consultation with the Leader of the Council and the Cabinet Member for Economy and Regeneration, to take such actions (including the agreement of documents, and all terms thereof) as are necessary to progress Phase 3 and the planning for Phase 6 to a successful completion.

Officer Contact: George Perrin on 0161 474 4510 or email: george.perrin@stockport.gov.uk

The Corporate Director for Place Management and Regeneration submitted a report (copies of which had been circulated) seeking authority from the Cabinet to progress with the speculative development of Stockport Exchange Phase 3, utilising prudential borrowing. This decision was being sought in light of the success of Stockport Exchange Phase 2 where there had been greater demand than the office building was capable of accommodating and the current letting profile. The report also sought to commence the demolition works upon vacant possession of Cineworld, which would provide the required land to construct Stockport Exchange Phase 3 and associated public realm and to progress Stockport Exchange Phase 6 to planning only.

The Cabinet recognised that as part of the planning application process the need to assess the impact on local car parking would be assessed and addressed as required.

RSOLVED – (1) That in relation to Stockport Exchange Phase 3 approval be given to:

(i)            the demolition works upon vacant possession of Cineworld;

(ii)          progressing the development of Phase 3 utilising prudential borrowing, and on the terms set out in the report;

(iii)         progressing  planning for Phase 6 in tandem with Phase 3.

(2) That the Deputy Chief Executive and Corporate Director of Place Management and Regeneration, in consultation with the Leader of the Council and the Cabinet Member for Economy & Regeneration be authorised to take such actions (including the agreement of documents, and all terms thereof) as were necessary to progress Phase 3 and the planning for Phase 6 to a successful completion.

(3) That the Corporate Director for Place Management & Regeneration be requested to monitor the impact of Phase 2 of the Stockport Exchange development on overflow parking on residential streets within the Edgeley area to determine whether the decked car park on site CP1A would need to brought forward and included as part of Phase 3 of the Stockport Exchange development.

To consider a report of the Corporate Director for Place Management & Regeneration.

The report seeks authority to progress with the speculative development of Stockport Exchange Phase 3, utilising prudential borrowing. This decision is being sought in light of the success of Stockport Exchange Phase 2, where there was greater demand than the office building was capable of accommodating and the current letting profile. The report also seeks to commence the demolition works upon Vacant possession of Cineworld, which will provide the required land to construct Stockport Exchange Phase 3 and associated public realm and to progress Stockport Exchange Phase 6 to planning only.

NOTE: This report contains appendices which have been circulated to members of the Scrutiny Committee only.

The Scrutiny Committee is recommended to comment on and note the report.

Officer contact: George Perrin on 0161-474-4510 or email:  george.perrin@stockport.gov.uk

A joint report of the Corporate Director for Place Management & Regeneration and Borough Treasurer was submitted (copies of which had been circulated) seeking the comments of the Scrutiny Committee on a proposal to progress with the speculative development of Stockport Exchange Phase 3, utilising prudential borrowing. This decision was being sought in light of the success of Stockport Exchange Phase 2, where there was greater demand than the office building was capable of accommodating and the current letting profile.

The report to the Cabinet would also seek approval to commence the demolition works upon vacant possession of Cineworld, which would provide the required land to construct Stockport Exchange Phase 3 and associated public realm, and to progress Stockport Exchange Phase 6 to planning only.

The report would be considered by the Cabinet at its meeting to be held on 15 August 2017.

The Cabinet Member for Economy and Regeneration (Councillor Kate Butler) attended the meeting to respond to Members’ questions.

The following comments were made/ issues raised:

·         How soon the work on Phase 3 would commence

·         The Council would continue to look at interest in pre-lets, although it was acknowledged that there was limited development with pre-lets in the country at present.

RESOLVED – That the Cabinet be recommended to approve the proposals as set out in the report.

To consider a report of the Corporate Director for Place Management & Regeneration.

The report seeks authority to progress with the speculative development of Stockport Exchange Phase 3, utilising prudential borrowing. This decision is being sought in light of the success of Stockport Exchange Phase 2, where there was greater demand than the office building was capable of accommodating and the current letting profile. The report also seeks to commence the demolition works upon Vacant possession of Cineworld, which will provide the required land to construct Stockport Exchange Phase 3 and associated public realm and to progress Stockport Exchange Phase 6 to planning only.

NOTE: This report contains appendices which have been circulated to members of the Scrutiny Committee only.

The Scrutiny Committee is recommended to comment on and note the report.

Officer contact: George Perrin on 0161-474-4510 or email:  george.perrin@stockport.gov.uk

A joint report (copies of which had been circulated) of the Corporate Director for Place Management & Regeneration and Borough Treasurer seeking authority to progress with the speculative development of Stockport Exchange Phase 3, utilising prudential borrowing. This decision was being sought in light of the success of Stockport Exchange Phase 2, where there was greater demand than the office building was capable of accommodating and the current letting profile. The report also sought to commence the demolition works upon Vacant possession of Cineworld, which would provide the required land to construct Stockport Exchange Phase 3 and associated public realm and to progress Stockport Exchange Phase 6 to planning only.

The Scrutiny Committee were asked to comment on the proposal prior to consideration by the Cabinet.

The Leader of the Council (Councillor Alex Ganotis) attended the meeting to present the report and answer members’ questions.

The following comments were made/ issues raised:

·         Assurances were sought that proceeding with the proposals would not reduce the Council’s flexibility to borrow in the future for other capital projects and it was confirmed that there was no “limit” and the Borough Treasurer was comfortable with the position.

·         The potential impact of HS2 needed to be considered as part of any town centre regeneration proposals.

·         Phase 6 was essential to potential occupiers of the new office accommodation.

RESOLVED – That the Cabinet be recommended to approve the proposals as set out in the report.