The Ridings Shopping Centre now under council ownership after £11m deal completed
Plans for the site are expected to take around 15 year to complete
Wakefield Council has completed the purchase of The Ridings Shopping Centre for just over £11million, the local authority has confirmed.
The acquisition paves the way for the ageing mall to be demolished to allow for a multi-million pound regeneration programme for the city centre.
The council said today (May 1) marked the first full day of its ownership of the 1980s-built centre after a deal was agreed to buy it from businessman Zahid Iqbal.
The purchase was funded by a grant from the Ministry of Housing, Communities, and Local Government, earmarked specifically the purpose.
A council statement said: “The agreement sees the council purchase The Ridings for £11,050,000 from Ridings 2023 Ltd.
“The agreed price follows a robust due diligence process and a Red Book Valuation, carried out by independent experts.
“The deal reflects the strategic importance of the site of The Ridings in unlocking regeneration in Wakefield and sets a clear course for giving the city centre the long-term future it deserves.”
Plans for the site are expected to take around 15 year to complete and include building new homes, leisure facilities and event spaces.
The scheme also involves demolishing four high-rise residential tower blocks as part of the creation of a new ‘Cathedral Quarter.’
In February, residents of Manor House, Trinity House, Tudor House and Warren House were informed that their homes would be knocked down as part of the development.
More than 200 apartments are to be built on Kirkgate to accommodate residents who face losing their homes.
The council said it would be providing more information to businesses directly impacted by the plans about “day-to-day management arrangements for the centre” and providing support to businesses who want to remain in the city centre.
A public consultation on the scheme is expected to begin this summer.
On Tuesday last week (April 21) the council said it had finalised a deal to buy the centre from Mr Iqbal for a then undisclosed sum.
The announcement came after negotiations stalled, with the authority previously saying it had been ‘unable to finalise a fair price’ with the owner.
A joint statement was also issued by both parties which said contracts would be “exchanged shortly”.
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.”