Wakefield business leaders urge council to consider buying struggling Ridings Shopping Centre to make way for regeneration plans

The local authority is understood to be considering purchasing the struggling centre as part of its ambitious regeneration projects.

The Ridings has been up for sale for around a year.

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

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.

A letter from Tony Hodges, Chair of Wakefield BID, to Council Leader Denise Jeffery and Darren Byford, Cabinet member for Regeneration, states: “Wakefield BID and its directors have discussed the possibility of Wakefield Council taking a financial interest in the Ridings and are aligned in agreeing that there is considerable value to be gained in doing this.

“We believe the alternatives, if the Council do not, could well harm the city’s best interests, leading to asset stripping that semi-paralyses the development of this part of the city centre for years to come.

“We would therefore encourage you to pursue your interest but with one proviso, that there be a more definitive picture of life for The Ridings post a financial interest being taken. Could this be leisure for instance?”

“The Ridings is clearly a priority project and a key part of delivering the Wakefield Masterplan.”

The Council is already committed to a £12m project to renovate the old BHS building in The Ridings, where it hopes to install a museum, gallery and cafe, after receiving a £20m worth of ‘Levelling Up’ funding.

The letter continues: “Unlocking The Ridings as a key infrastructure investment should help contribute significantly to the region’s economic and growth strategy.

“It enhances the plans to create quality places where people want to live, businesses can grow, jobs can be created, and residents and visitors can enjoy leisure time.

“In short, our sense is that the Council should go for it but first make clear the steps to be taken afterwards.”

In February this year, senior councillors agreed to conduct a feasibility study into the prospect of buying a stake in The Ridings.It forms part of a wide-ranging masterplan for Wakefield city centre detailing how it will be transformed over the next 20 years.

A council report on the idea says a deal with NRR would secure The Ridings’ medium term future and allow for the city centre to be regenerated as planned.

This would also involve part of the venue being knocked down to create space for new housing on Kirkgate, in works that are being partly funded through the Government’s Towns Fund.

The report said the move is “not intended” to lead to the council running the Ridings, and its financial interest in the property would end after a period of time.

Wakefield Council Cabinet members are expected to consider the feasibility study at a meeting next month.

Speaking at a Facebook question and answer event in June, Coun Jeffery said The Ridings could soon be transformed as part of an 18-month plan to end an ’empty shop culture’ in the city centre.

The Council Leader said: “The Ridings was owned by the council in the 1980s and then we sold it to a private company.

“We do own the freehold and we are looking at what we can do with that.”

Coun Jeffrey said plans included putting leisure facilities in the centre, including a bowling alley, zip wires and a mini skate park.

She added: “Shopping is not where it’s at at the moment and I’m sad about that.

“People are buying online and it is damaging our shops.

“If we do get involved with the Ridings – and it looks like we are going to – we are going to look at putting leisure into there.”

Mark Lynam, Wakefield Council’s 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.”