Agenda item

To consider a joint report of the Cabinet Member for Economy & Regeneration.

(Note: the report contains information ‘not for publication’ in its appendices that have been circulated to cabinet members only)

The report provides an update on the redevelopment strategy for Merseyway, an overview of the work undertaken since its approval at the meeting of the Cabinet held on 19 December 2017, and sets out the rationale for the review of the original strategy and provides summaries of the key projects being taken forward.

The Cabinet is requested to:

·           support the overall direction of the Merseyway redevelopment strategy and note the ongoing risks and challenges of the individual projects.

·           approve the three schemes to be financed from non-recurrent resources as detailed in paragraph 4.4, 4.5 and 4.6, with the optimal blend delegated to the Borough Treasurer and the Leader of the Council, which will be reported and scrutinised via the Corporate Performance and resource reporting mechanism.

·           approve the recommendation for the other asset management opportunities set out in confidential appendix 6.

·           delegate authority to the Corporate Director for Services to Place Management & Regeneration and the Borough Treasurer, in consultation with the Leader of the Council and Cabinet Member for Economy & Regeneration to take all necessary steps to implement the strategy in the report, reporting back as necessary and appropriate to the Cabinet.

·           authorise the Head of Legal and Democratic Services to do all things necessary or incidental to the implementation of the above resolutions.

Officer Contact: Paul Richards on 0161 474 2940 or email: paul.richards@stockport.gov.uk

The Cabinet Member for Economy & Regeneration submitted a report (copies of which had been circulated) updating the Cabinet on the redevelopment of Merseyway and proposes revisions to the plans in light of significant changes to the retail market since the Cabinet approved plans in December 2017.

(Note: the report contained information ‘not for publication’ in its appendices that had been circulated to cabinet members only).

The Cabinet Member highlighted the continued strong performance of the Town Centre despite adverse conditions for ‘high-street’ retail nationally, but emphasised the changing shopping habits of the public and the need to diversify the usage of property in the Town Centre, including introducing a more residential provision.

Specifically in relation to the investment proposals in the report, the Cabinet Member stated that while many would realise a financial return some proposals, such as the amenity block and Mersey Square, would not lead to an identifiable return although they would provide a wider benefit for the whole of the Town Centre.

The Leader of the Council emphasised that when acquiring Merseyway it was clear that there would need to be investment in the asset in order to secure its future and enhance its offer and that the Council would be best placed to make necessary investments that a private sector investor would not. He further stressed that the resources being used for investment were not being diverted from other Council budgets and services.

RESOLVED – That in relation to the redevelopment of Merseyway:-

·           the overall direction of the Merseyway redevelopment strategy be supported and the ongoing risks and challenges of the individual projects be noted;

·           approval be given to the three schemes to be financed from non-recurrent resources as detailed in paragraph 4.4, 4.5 and 4.6 of the report, with the decision on the optimal blend being delegated to the Borough Treasurer in consultation with the Leader of the Council, to be reported and scrutinised via the Corporate Performance and Resource Reporting mechanism;

·           the recommendation for the other asset management opportunities set out in confidential appendix 6 be approved;

·           authority be delegated to the Corporate Director for Place Management & Regeneration and the Borough Treasurer, in consultation with the Leader of the Council and Cabinet Member for Economy & Regeneration to take all necessary steps to implement the strategy in the report, reporting back as necessary and appropriate to the Cabinet;

·           the Head of Legal, Democratic Governance and Estates & Asset Management be authorised to do all things necessary or incidental to the implementation of the above resolutions.