Agenda item

Report of the Cabinet Member Finance

**Please note that should members wish to discuss exempt elements of the report they will need to go into closed session under part 1, Schedule 12A of the Local Government Act 1972

The Cabinet Member Finance introduced the report and explained that Cabinet had agreed to acquire the Shopfitters Site at St George’s Place along with open land at Synagogue Lane from the County Council. Council was now being requested to authorise the capital investment necessary for the cost of acquisition, planning application, demolition, site remediation and construction of a temporary surface public car park and all ancillary costs.

The Cabinet Member explained that as the transaction had yet to be completed, the detailed figures were commercially sensitive but the broad principles of the transaction were in the public domain.

He explained that the acquisition of the site would realise to the Council a substantial brownfield site suitable for development in the short-term as off street public car parking, and offer wider opportunities thereafter for future development of the site in part or whole. The benefits would be to clear the former Shopfitters site which was currently derelict, provide the opportunity to merge the Chelt Walk and the Synagogue Lane car parks thereby generating additional income, provide an opportunity for regenerating that particular part of the town centre and would allow the Council to assemble a significant town centre site with substantial development potential which may include options to build out new Municipal Offices and other public facilities.

The Cabinet Member Finance said that this was an example of how officers had been thinking creatively and proactively in investigating opportunities for the future of the town centre.

In terms of timescale the Cabinet Member Finance clarified that the County Council were keen to acquire a capital receipt in the current financial year which explained why the transaction had been brought forward and the council intended to ensure that a car park was operational as quickly as possible. The Head of Property and Asset Management was invited to address Council and he clarified that planning permission and the subsequent demolition and construction works would take approximately six months.

When asked whether there had been any changes to the flood risk assessment at the bottom of Cheltenham Walk which had been highlighted when a previous development had been considered, the Head of Property and Asset Management said that initial investigations had confirmed that this site was in the flood zone and should there be a development on site in the future this would be factored into the considerations. Another Member requested that should the site be developed in the future, then the whole area should be considered as part of one big project with parking, in particular residents parking, being a specific concern. In response the Cabinet Member Finance agreed that the future should be considered very carefully. He highlighted that the immediate intention was to create a car park and the longer term discussion for the site would be considered in the coming year. He assured Members that this would not be considered in isolation.

RESOLVED (unanimously)

That the amount of useable capital receipts (outlined in the Exempt Appendix III) be set aside to cover the cost of acquisition, planning application, demolition, site remediation and construction of a temporary surface public car park and all ancillary costs.