The Royal Borough’s cabinet has agreed to sell its freehold interest in the Nicholsons Centre – in a new deal which means the council will no longer be 'on the hook' to fund a new multi-storey car park.
The authority previously entered into contracts with Denhead, a joint venture between Tikehau and Areli, to sell the council’s freehold interest in the shopping centre, Central House and the former Broadway car park.
The council owned around 50 per cent of the freehold interest in the Nicholsons Centre, as well as the entirety of the vacant office building Central House and the former car park site, which is currently a temporary car park.
Developers Areli are the company behind plans to redevelop the Nicholsons Centre to provide a new mixed-use development of shops, offices, housing and a new multi-storey car park.
As part of these initial contracts, the council was obligated to deliver and fund a new multi-storey car park as part of the regeneration scheme.
The scheme was given planning consent in October 2022; however, a number of factors, including challenges to compulsory purchase orders (CPOs), caused the project to stall.
In February, revised plans were unveiled to the public – including 180 extra flats, a reduction in the height of the tallest building and a much smaller car park.
A planning application on the revised scheme is due to be submitted this year.
Terms have been agreed with the council to enter into a new proposal which will see the authority ‘no longer contractually on the hook’ to fund the delivery of a new multi-storey car park as part of the scheme.
At the meeting on Wednesday, April 2, Cllr Adam Bermange (Lib Dem, Boyn Hill) revealed that this car park would have cost the council £20million to £30milllion to deliver.
Under the new terms, the council is retaining its freehold interest in Siena Court for its ‘own future uses’.
The building, in Broadway, was originally going to be knocked down as part of the regeneration but has since been removed from the revised scheme.
Cllr Bermange revealed that options for Siena Court will be considered in further reports in the future.
He added: “The sale of the properties will secure a significant capital receipt for the council.
“Whilst the merits of the new planning application will, of course, need to be carefully considered by the development management committee, this proposed property transaction will enable things to move forward in terms of the regeneration and hopefully get that back on track.”
Under the new agreement, the sale will proceed after planning, consent and exclusive use of the site on completion are achieved by December 31, 2026, ‘at the latest’, Cllr Bermange added.
The sale was agreed by cabinet members.
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