The Ridings: Wakefield Council strike deal to buy shopping centre in shock reversal
The local authority claimed just yesterday that a deal to but The Ridings had fallen through
Less that a day after announcing a deal has fallen through Wakefield Council has revealed it has now agreed terms to buy at the city's Ridings Shopping Centre.
The authority wants to knock down the ageing building to allow the regeneration of the city centre.
However the plan looked to be in trouble yesterday afternoon, with the council claiming a "fair" price offer for the ageing mall had been rejected by the current owner.
Just hours later a sale has been finalised.
Zahid Iqbal, owner of The Ridings Shopping Centre, said: “I’m pleased to have reached a fair and reasonable agreement that reflects the Centre’s market value."
"Now is the time for change and a new chapter for the city.”
Tony Reeves, Chief Executive of Wakefield Council, said: “We’re confident that this deal reflects both the work of the owner with the shopping centre and provides good value for the public."
"We’d like to thank Mr Iqbal for getting this deal over the line and enabling us to provide certainty for residents and businesses affected. We can all move forward now and give our city centre the long-term future it deserves.”
The Ridings is set to be demolished alongside several high rise blocks of flats in the city centre to make way for the new 'Cathedral Quarter' - a complete revamp of the historic city centre.
The first phase will involve new homes for people currently living in the flats, with consultations on other aspects of the plan to launch over the summer.