Wakefield Council seeking to ‘acquire’ up-for-sale Ridings Shopping Centre

Senior Councillors are set to consider taking control of the struggling shopping centre as part of regeneration plans for Wakefield city centre.

Last week, business leaders urged the local authority to consider buying The Ridings in a letter to Wakefield Council Leader Denise Jeffery.Wakefield Council’s Cabinet are expected to consider a report called ‘Wakefield City Centre Regeneration: The Future Development of The Ridings Shopping Centre’ at a meeting in November.

Details of the report state: “To seek Cabinet approval to acquire The Ridings Shopping Centre, detail the associated management arrangements when the asset is acquired and outline future development proposals in terms of the medium to long term wider regeneration of the shopping centre and Wakefield city.”

The centre, which was built in 1983, was bought by investment company NewRiver Retail 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.

The current asking price is thought to be in the region of £7m.

Wakefield Business Improvement District (BID), which represents around 800 businesses in Wakefield, is urging senior councillors to take a ‘financial interest’ in the centre so it can press ahead with city centre regeneration projects.

David Woodhead, director of Woodhead Investments, which owns around 100 commercial properties in Wakefield city centre, also described the purchase of the centre as be a ‘no-brainer’ for the local authority.

He said: ”We have often said that the council could be called a special purchaser.

“The Ridings is of more value to them than anybody else.

“They could relocate council services from various buildings throughout Wakefield city centre into the vacant parts of the Ridings, ultimately saving them the cost of renting alternative premises.

“Looking at it from their point of view there could be an active management way where they save other monies which could go towards this.”

Mr Woodhead added: “Bearing in mind that this was sold for £110m around 15 years ago, it makes it incredibly attractive at less than ten per cent of what it previously was.

“Against its former sale price it certainly does look a bargain.

“Wakefield Council has always wanted to buy more in Wakefield city centre.

“Ultimately, this is a very rare opportunity to acquire a large amount of property in one go.

“It is not often this will come up for sale.”

Mark Lynam Corporate Director for Regeneration said: “In February, Cabinet gave the instruction for officers to explore options on the regeneration of the Ridings Shopping Centre.

“This work is ongoing and will be reported back to Cabinet later this year.”