The Leader of the Council and Cabinet Member with the Resources Portfolio introduced the report of the Chief Executive (previously circulated) seeking Cabinet’s approval, in principle, to the Council entering into an agreement with a developer to bring forward the redevelopment of key town centre sites and also seeking Cabinet’s approval to acquire the long leasehold interest of the land and buildings of the former Wilkinson’s Store at East Street.
The submitted report outlined the background to the proposal to engage a development partner who, it was envisaged would work with the Council over a ten to 15 year period to offer a range of development options including residential, mixed use and office led commercial development at three core town centre sites at Kendrew Street, East Street and Commercial Street, plus any additional ones which might be identified in the phased approach.
It was reported that the partner’s role would be to oversee the development management process, prepare design work, secure planning permission, place construction building contracts, market and let schemes to occupiers and secure the required funding commitments.
The submitted report also highlighted the proposal to acquire the long leasehold interest of the former Wilkinson’s site in East Street which would give the Council full control over 0.54 hectares (1.35 acres) of strategically important development land.
Reference was made at the meeting to the additional pressures and risks that the purchase of the former Wilkinson’s site would put on the Council’s Medium Term Financial Plan (MTFP); the need to be realistic on what the Council can achieve; a number of other sites that the Council owned within the Town Centre that were still to be developed; the implications of not purchasing the site; the workplace study that had been undertaken; the potential uses of the site when developed; the viability of the site; and implications on the Linear Park. The Leader of the Council, Cabinet Member with the Resources Portfolio and the Chief Executive responded thereon.
RESOLVED – (a) That the acquisition of the long leasehold interest of the former Wilkinson’s site in East Street by way of acceptance of a lease surrender for a premium sum, as set out in the appendix to the submitted report, be approved.
(b) That the Assistant Director Law and Governance be authorised to complete the transaction accordingly.
(c) That approval be given to set aside budget to cover holding costs, as estimated in paragraph 60 of the submitted report.
(d) That the Assistant Director Economic Growth be authorised to approve final holding costs.
(e) That approval, in principle, be given to entering into an agreement with a private sector development partner to bring forward development on several town centre sites, the details of the agreement and the final list of sites to be included, to be presented to Cabinet at a future meeting for approval.
REASON - (a) To secure property for future strategic Town Centre development.
(b) To give the Council control of a prominent town centre site.