Issue - meetings

Report of the Strategic Director of Regeneration and Environment

Cabinet Member:     Councillor Lelliott (in advisory role)

Commissioner:         Kenny

Recommendations:

1.     That the Assistant Director of Planning, Regeneration and Transport be authorised to negotiate the acquisition of the assets as described at Option 2 at paragraph 4.3 below and the Assistant Director of Legal Services is authorised to complete the necessary legal documentation for the acquisition.

2.     That funding for the acquisition be authorised from the £17 million town centre allocation in the Capital Strategy (2016-2021).

3.     That the Council be recommended to approve inclusion of the scheme in the Capital Programme to cover the cost of acquisition.

Consideration was given to a report which sought approval for the Council to acquire the remaining interests in the properties forming part of Riverside Precinct to assist in the redevelopment of Forge Island and to deliver wider Town Centre regeneration. Riverside Precinct was the land and property on the other side of the footbridge from Forge Island.

Forge Island was a major component of Rotherham town centre’s regeneration and a catalyst for the regeneration of adjacent areas, including Riverside Precinct. Riverside Precinct offers a direct link from the Minster area of the town centre via Corporation Street through to Forge Island.  The Council held the freehold interest on the entire precinct edged red, with the individual units having subsequently been let on a mix of occupational short term leases, and long term 99/999 year leases. The units hatched at Appendix 1 of the report submitted were the lease interests for which authority was sought to acquire. 

The options available to the Council in respect of an acquisition of units were as follows: -

Option 1 – do nothingand leave the units to the market. This option removed the need for the Council to commit resources including finance to acquire the long lease interests. It was worth noting that one of the vacant long lease interests had been marketed both To Let and For Sale with no current interest. This option would make any future redevelopment options difficult to implement.

Option 2 – enter into formal negotiations to purchase the remaining four leasehold interests via private treaty negotiation of Units 1, 2, 5 & 8.

It is proposed that Option 2 be pursued in order that the Council had full control of Riverside Precinct. This acquisition would form a key part of any redevelopment providing a link from Forge Island through onto Corporation Street and into the core of the town centre. If the Council was not successful in the acquisition of the Forge Island site, this would assist in securing the long term future of the Precinct.

This report had been considered by the Overview and Scrutiny Management Board who were satisfied with the drives for regeneration of this area.

It was noted that the proposal fell within the previous £17m already allocated by Council for regeneration projects in the town centre as part of the Capital Strategy (2016-21).

Commissioner Kenny agreed:-

1.         That the Assistant Director of Planning, Regeneration and Transport be authorised to negotiate the acquisition of the assets as described at Option 2 of the report submitted and the Assistant Director of Legal Services is authorised to complete the necessary legal documentation for the acquisition.

2.         That funding for the acquisition be authorised from the £17 million Town centre allocation in the Capital Strategy (2016-2021).