The Ridings Shopping Centre deal back on, council confirms
Wakefield Council has agreed a deal to buy The Ridings Shopping Centre.
The announcement came a day after the council said it had been ‘unable to finalise a fair price’ with mall owner Zahid Iqbal.
A joint statement issued by both parties said contracts would be “exchanged shortly” on a deal which paves the way for a multi-million pound regeneration programme for the city centre.
Mr Iqbal said: “I’m pleased to have reached a fair and reasonable agreement that reflects the centre’s market value.
“Now is the time for change and a new chapter for the city.”
Council chief executive Tony Reeves said: “We’re confident that this deal reflects both the work of the owner with the shopping centre and provides good value for the public.
“We’d like to thank Mr Iqbal for getting this deal over the line and enabling us to provide certainty for residents and businesses affected.
“We can all move forward now and give our city centre the long-term future it deserves.”
Plans include demolishing the centre to build new homes, leisure facilities and event spaces.
The scheme also involves bulldozing four residential tower blocks as part of the creation of a new ‘Cathedral Quarter.’
On Monday, a council statement was issued which confirmed that negotiations over the sale had stalled, with Mr Reeves commenting: “If we need to, we will acquire the shopping centre by a different route.”
He previously said: “We’re disappointed that we haven’t been able to finalise a fair price to buy The Ridings.
“But at every stage we’ve been clear about the need to provide value for money for the public.
“We made a fair and reasonable offer in good faith based on occupancy levels and income figures provided by the owner of The Ridings.
The first phase of the project is due to be funded through £17.9m from the Ministry of Housing, Community and Local Government (MHCLG).
The council said it “remains committed” to the scheme and businesses and residents directly impacted by the plans would be informed once a completion date for the sale is agreed.
A public consultation on the the development is expected to begin this summer.