Senior Wakefield councillors to decide on making a formal offer to buy The Ridings Shopping Centre

The cost of the acquisition of the struggling centre is estimated to be around £7.5m.

The council’s Cabinet is expected to make a decision on whether to make an offer to the centre’s current owner, NewRiver Retail Ltd (NRR), at a meeting next week.

The local authority wants to take control of the centre as part of its ambitious ‘masterplan’ regeneration projects.A report states that The Ridings “does not have a future as a retail destination”.

A number of options for the future use of the site is being considered, including increasing leisure facilities, building new homes, pedestrian links and creating city centre green spaces.

The report says that redevelopment has the potential to deliver around 340 new homes on the site.

It adds: “Acquiring The Ridings would also give the council significant control over proposals for the area to the south of the city centre.

“Having assets in public sector ownership would enable a more comprehensive approach to be taken, particularly around the pace and quality of development which in turn would provide confidence to the private sector and stimulate investment over time.

“If the asset is acquired it would pave the way for complete redevelopment and change of use from retail which would radically reduce supply and enhance retail vibrancy of the consolidated areas around Trinity Walk and Westgate.

“It would also create the catalyst for a nationally significant regeneration.”

The Ridings, which was built in 1983, was bought by NRR in 2015 and later given a £5m makeover.

Several shops within the centre have closed in recent years however, despite the opening of a new food court and cinema, with high street retailers struggling to cope.

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The council has held discussions with West Yorkshire Combined Authority and Homes England who are supportive of the project.

Last autumn, the council called for a review of redevelopment opportunities for The Ridings, which produced three possible options.

A “major intervention option” includes the removal of the majority of The Ridings to make way for new projects, at an estimated cost of £71.6m over a five-year period.

The report warns that making a decision to formalise an offer to NRR needs to be carefully balanced against the council’s “current deteriorating financial position”.

Wakefield Council is expected to overspend its budget by around £11m for this financial year and faces a funding gap of around £85m over the next five years.

If redevelopment did not take place after purchase, parts of the site would likely be ‘mothballed’ to reduce costs while further funding is sought.

The report also suggests that the purchase of The Ridings has public support.

It states: “More recently the Big Conversation taking place across the Wakefield District has strengthened the proposal to acquire the Ridings to consolidate retail and deliver leisure, housing, green and open space uses.

“Feedback from residents is that they want to see old, run down buildings renovated and re-purposed for family uses and more outdoor spaces.

“A significant number of comments were made specifically about The Ridings itself and the building needing a revamp to improve Wakefield city centre and attract more visitors.”

If a formal offer is approved at the meeting on Tuesday (December 13), a further report will be brought back to Cabinet to outline future management arrangements.