Council will not acquire shopping centre due to tough financial environment

Wakefield Council’s Cabinet has today confirmed that no plans will be progressed to purchase The Ridings Shopping Centre.

Instead the council says, “it will seek to work in partnership with any potential third-party buyer.”

A report was considered by the council’s key decision makers, which explored the potential for the council to take a financial interest in the shopping centre, as part of its wider long-term regeneration plans for the city centre.

But due to the ongoing challenging financial environment for the council, Cabinet has decided it is not the right time to pursue this.

Its members have instead instructed council officers “to explore different models for delivering the Wakefield City Masterplan”, which guides future development and economic growth in the city centre.

Councillor Denise Jeffery, leader of Wakefield Council, said: “It has become clear that the impact of the huge financial challenges we are facing will be far greater than we have encountered before, with huge pressures on our budget and our ability to deliver services.

“Therefore, making this decision a significant financial risk that we cannot take at this time.

“This site still remains a key area in our long-term regeneration plans for Wakefield and we want to support any potential buyer to help realise our ambitions for the city centre.”

Wakefield Council says it would work with any potential buyers, sharing it’s due diligence information to support a sale and to help influence any future development plans to ensure the best outcome for the city centre.

Cllr Jeffery added: “We will be exploring different options to help deliver our ambitious Masterplan for Wakefield and we are continuing to work with external funding partners and agencies in an effort to support the future of the Ridings site.”

The centre, which was constructed in 1983, was bought by investment company NewRiver Retail in 2015 and later given a £5m revamp.