Key development site secured in multi-million pound deal
WOLVERHAMPTON City Council has officially secured a landmark development site in the city centre in a deal worth more than £13m.
The acquisition of St George’s Parade is a significant boost to the city’s regeneration plans.
St George’s Parade, which lies on the eastern side of the city centre, is a key strategic gateway that forms part of the City Centre Area Action Plan.
It occupies a prominent position next to the ring road, close to the city’s main shopping centre and railway station.
The council is now considering the best way to maximise use of the land before marketing it to potential investors and developers.
The council has been keen to acquire the site for some time after it became neglected following the withdrawal of Sainsbury’s from its landmark store within the old St George’s Church to a large new store in Raglan Street in 2014.
Cllr Peter Bilson, deputy leader and cabinet member for City Assets, said: “The acquisition of St George’s Parade was an opportunity not to be missed in terms of our wider strategic regeneration plans for the city.
“It will put a vacant site back into use, helping to attract further investment and create jobs in the city centre.
“Our ambitious regeneration plans are already delivering developments at i10, the railway station and Westside, and St George’s Parade complements this activity.”
Sainsbury’s are currently tied into a long-term lease of the site and will continue to pay a significant rent to the owner for the next nine years.
Cllr Bilson added: “It is important to point out that this is a capital investment, money we have borrowed at very preferential rates to do this. It does not affect the council’s day-to-day operational budgets for things like education, road repairs and social care.”
