YES! project’s future in doubt as agreement cancelled

THE FUTURE of Oak Holdings’ planned £350m YES! project in Rotherham looks extremely uncertain after the town’s council terminated a development agreement for the scheme.

Rotherham Council gave the green light for revised plans for the proposals, which would create one of Europe’s largest leisure and convention resorts, last September.

But the Council said yesterday it intended to terminate the current development agreement between itself, Oak Ventures and Oak Holdings.

Oak has had a preferred developer agreement with Rotherham Council in respect of the YES! project since May 2003.

“Since then, the global financial crisis and depressed property markets have resulted in Oak being unable to secure the funds needed to commence the development phase of the project,” it said in a statement.

“As a result of these challenges, and notwithstanding Oak’s renewed planning consent on the YES! Project, RMBC (Rotherham Council) has taken the decision not to extend, and cancel the current development agreement.
 
“The board is currently reviewing its options in respect of the notice but there is no indication at this stage that RMBC will agree to cancel the termination notice or extend the current development agreement. If the situation changes a further announcement will be made.”
 
Oak said it will continue to manage the Rother Valley Country Park and it still owns the “valuable” freehold of the A57 land adjacent to the site of the YES! Project – the consented access land.

Oak’s board said it believed there were continuing opportunities for the company to grow and develop a “viable” property managament and consultancy business.

Oak’s Ringwood Town & Country Experience businesses and assets are not affected by the YES! announcement.