Ridings owners ‘in negotiations’ with potential buyer after council backed out of shopping centre purchase

The move comes weeks after Wakefield Council backed out of the scheme to acquire the city centre site.

The Ridings was bought by NewRiver Retail Ltd in 2015 but has continued to struggle despite being given a £5m makeover.

Members of the council’s regeneration, employment and skills overview and scrutiny committee were told of the latest development.

Joanne Hill, interim service manager for regeneration said: ” We did allocate some funding to do some work in the Ridings on the basis that the council was going to buy.

“Before Christmas we did do a lot of due diligence on the Ridings project and it was decided that with the current economic climate and financial situation we were not going to take this forward at this time.

“It does look like the owners of the Ridings are in negotiations with a new potential buyer, so we just need to see what happens with that over the coming months and speak to them about what their plans are.”

The Labour-run council had been considering taking control of the centre, at a cost of around £7m, as part of part of major regeneration plans for the city centre.

Wakefield Business Improvement District (BID) Board and Wakefield High Street Task Force had also backed the purchase.

In December, cabinet members instead agreed to try to find a third-party buyer and work in partnership to redevelop The Ridings.

Council leader Denise Jeffery also told the meeting that the local authority would work with any new owner and encourage them to increase the number of leisure facilities in centre.

She said: “The public want more. They want something to come to Wakefield and the other towns for.

“Shopping is just not where it is at any more.

“Perhaps we have all damaged it buy shopping online through the pandemic.

“What worries me is that older people and young people want different things.

“We used to have a brilliant market in Wakefield.

“But times have changed.

“The younger people feel that there is nothing for them to do.

“We have to look at doing something for young people.

“We need things for families and young people.

“I think it is really important that we deliver what is wanted.

Coun Jeffery also told the meeting of her disappointment after the government last week rejected the council’s bids for Levelling Up Funding.

The local authority submitted bids to fund the Ridings project, along with applications for £20m to bring more jobs to South Kirkby and £18m to regenerate Knottingley.

Coun Jeffery said: “The government changed the goal posts.

“I’m sorry for being political, but I have to be here.

“We are going to have to regroup and think what we can do.

“Of course, I am hoping for a Labour government very soon.

“I am sorry for being political but it matters that we get the investment in this district that we need.”READ MORE: Council looking to build multi-storey car park in Wakefield city centre ‘as a matter of urgency’