Decision details

Decision on future redevelopment proposals to support the regeneration of the Town Centre.

The Executive Meeting has approved the following measures to facilitate the redevelopment of the Bridgefield area of the Town Centre and make improvements to the Merseyway car park:-

(i)            approval to acquire the freehold of the following properties fronting Prince’s Street belonging to UK Asset Recovery:

·      38-40 Prince’s Street;

·      76-80 Prince’s Street;

·      87-91 Prince’s Street (and 1 Arden Walk);

·      97-99 Prince’s Street;

·      103-105 Prince’s Street;

·      111 Prince’s Street; and

·      113 Prince’s Street;

(ii)          authorisation for the Service Director (Place Development) and the Corporate Director, Corporate and Support Services, in consultation with the Executive Councillors (Economic Development & Regeneration) and (Governance & Corporate Services) to settle the final terms of the agreement with UK Asset Recovery, subject to a positive outcome to the final valuation and any outstanding due diligence.

(iii)         authorisation of improvements to the Merseyway car park and the necessary additional prudential borrowing as indicated in confidential appendix 2;

(iv)         agreement to seek expressions of interest for the disposal of the Bridgefield site on the basis of redevelopment;

(v)          approval of the budget allocation for further work required on the Bridgefield scheme to negotiate with occupiers and tenants and to bring the scheme forward to the construction phase as detailed in the report;

(vi)         in connection with the Bridgefield scheme,  authorisation for the Service Director, Place Development and the Corporate Director for Corporate and Support Services in consultation with the Executive Councillor (Economic Development & Regeneration) and Executive Councillor (Governance & Corporate Services) to:

·         negotiate terms with potential and existing tenants and occupiers;

·         negotiate terms with potential funders;

·         promote a compulsory purchase order in respect of any property interests;

·         needed for the scheme that cannot be acquired by private treaty;

·         take such further action as is necessary to bring the scheme forward to the construction phase; and

·         a further report being submitted to the Executive upon conclusion of those negotiations.

(Note: the report included information ‘Not for Publication’ contained within its appendices that had been circulated to executive councillors only).

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Town Centre Task Force