Another YES! for £350m scheme
THE creation of Europe's largest covered leisure development on a former Yorkshire coalfield moved a step closer today.
Property developer Oak Holdings announced that Rotherham Metropolitan Borough Council's cabinet has approved the legal and financial details forming the heads of terms that will shape the development agreement for the £350m YES! scheme and terms for a 250-year lease.
The decision is “subject to call-in” – the period in which a councillor can request a review. That ends on Tuesday, February 26.
The cabinet vote of confidence means the details can now be drawn up as a legal document for the full council to consider for final approval.
AIM-listed OAK says the project will create a leisure-based resort activity and convention destination in the Rother Valley in South Yorkshire to rival the best in Europe. The project, on a 327-acre site, will create 3,000 permanent jobs and another 2,000 construction jobs during its three-year development.
Oak said the announcement came at the end of a “memorable” 12 months for the project during which it secured planning consent and secured the purchase of a key 11-hectare parcel of land near junction 31 of the M1 motorway on which it will build the main entrance to the scheme.
YES! will be Europe's largest covered leisure based development, where Oak plans to create more than 164,000 square metres of leisure and entertainment space on the former coalfield site in the Rother Valley.
Rotherham Council voted unanimously to accept the heads of terms that have been negotiated since planning consent was granted.
Oak said it is now focusing on completing YES!'s tenant profile and on detailed design and construction procurement.
Oak chief executive, Steve Lewis, said: “This places us in an excellent position to deliver this new and innovative scheme. It represents another significant milestone on this major £350m regeneration project that will help transform the economy of South Yorkshire.”
Roger Stone, leader of the Rotherham Metropolitan Borough Council, said: “This is a proud day for Rotherham, vindicating our support for this state of the art leisure, entertainment, sports and convention project that will generate permanent employment for up to 3,000 people.”
