Agenda and minutes

To approve as a correct record the Minutes of the meeting held on 6 October 2016.

The Minutes (copies of which had been circulated) of the meeting held on 6 October 2016 were approved as a correct record.

Councillors and Officers to declare any interests which they have in any of the items on the agenda for the meeting.

Councillors and Officers were invited to declare any interests which they had in

any of the agenda items for the meeting.

The following interests were declared:-

Personal Interest

To consider whether it is in the public interest to exclude the public during consideration of agenda items 5 and 6 which contains information ‘not for publication’ by virtue of Category 3 ‘Information relating to the financial or business affairs of any particular person (including the authority)’ as set out in the Local Government Act 1972 (as amended).

RESOLVED – That in order to prevent the disclosure of information which was not for publication, the disclosure of which would not be in the public interest, would not be fair and would be in breach of Data Protection principles, the public be excluded from the meeting during consideration of the following ‘not for publication’ items:-

 Item                 Title

 5                      Merseyway Shopping Centre: Redevelopment Options

6                          Town Centre Update Report

These items contain information exempt under Category 3 of Schedule 12A of the Local Government Act 1972 (as amended) (information relating to the financial or business affairs of any particular person (including the authority).

To consider an update on asset management of the Merseyway Shopping Centre

The Corporate Director for Place Management and Regeneration submitted a briefing note (copiers of which had been circulated) updating the Task Force on the Council's first six months of ownership of the Merseyway Shopping Centre during which :-

•           Forecasted net rental income had increased by £400,000 in Year 1.

•           Vacant accommodation had reduced from 10% to 6.5% of total floor area.

•           The longevity of rental income, measured by Average Weighted unexpired Lease Term had increased from 3.64 to 4.08 years

•           Completed the letting of three vacant units to Forever Love, DCM and Calendar Club

•           Key occupiers had been retained – Boots, Next, New Look, Ann Summers, Top Shop, Ernest Jones and McDonalds.

•           Advanced negotiations were taking place with a number of other retailers.

•           Rental collection performance had been attained ahead of the agreed KPI targets and ahead of retail property industry standards. The Council had collected 95.46% of the quarterly collectable rental within one week of the quarter day and 98.88% within three weeks

•           Retailer engagement had been improved in order to ensure that the Council had an active dialogue with its occupiers and had awareness of trading performance, and obtained feedback on how the Council could improve the Centre and have a positive impact on trading conditions.

•           Events had been arranged to increase footfall, promote awareness and provide animation to the Centre. Since acquisition the Merseyway Fashion Show had been successfully run and the Merseyway events had received positive feedback and press coverage.

•           Footfall for the Centre was -2% year on year until 10 October 2016 which was slightly ahead of the national trend for UK shopping centres which was -2.2% for the same period.

The following comments were made/issues raised:-

•           The Council's commitment to the Merseyway Shopping Centre had played an important part in the successful negotiations with a number of retailers.

•           Retaining the Marks and Spencer’s store in the Merseyway Shopping Centre would be of vital importance.

•           Footfall in the Merseyway Shopping Centre had been significantly increased when the Primark store opened.

•           Trafford Council had reversed the trend in footfall with an increase of 3% in footfall in Altrincham.

•           The switch on of the Christmas Lights in the Merseyway Shopping Centre on 16 November 2016 had been very well attended by members of the public.

RESOLVED – That the report be noted.

To consider a presentation from the architects on redevelopment options for the Merseyway Shopping Centre.

Rob Shackleton from BDP architects and Alistair Chapman from CBRE gave a presentation on redevelopment options for the Merseyway Shopping Centre. Discussions were ongoing with retailers and the owners of the former British Homes Stores building  and it was anticipated that a business case for the deveopment would be submitted by Spring 2017.

RESOLVED – That the presentation be noted.

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

The report provides a summary position statement for the key town centre projects and supporting activity.

The Task Force is invited to comment on the report.

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) providing a summary position statement for the key town centre growth projects and supporting activity.

The following comments were made/issues raised:-

•           An intensive marketing exercise would be commenced for letting the vacant units at Stockport Exchange.

•           The Rail Station Masterplan would be submitted to a meeting of the Task Force in the near future.

•           A decision on the Stockport Transport Interchange was required early in 2017.

•           Discussions were ongoing with Stockport College with regard to possible sites for its relocation.

•           A discussion took place on the project for Weir Mill, Chestergate and its link with the Mills Strategy Scrutiny Review.

RESOLVED – That the report be noted.