The Ridings Shopping Centre under council ownership after £11m deal completed
Wakefield Council has completed the purchase of The Ridings Shopping Centre for just over £11m, the local authority has confirmed
The acquisition paves the way for the ageing mall to be demolished to allow for a multi-million pound regeneration programme for the city centre.
The council said that yesterday (1 May) marked the first full day of its ownership of the 1980s-built centre after a deal was agreed to buy it from businessman Zahid Iqbal.
The purchase was funded by a grant from the Ministry of Housing, Communities, and Local Government, earmarked specifically the purpose.
A council statement said: “The agreement sees the council purchase The Ridings for £11,050,000 from Ridings 2023 Ltd.
“The agreed price follows a robust due diligence process and a Red Book Valuation, carried out by independent experts.
“The deal reflects the strategic importance of the site of The Ridings in unlocking regeneration in Wakefield and sets a clear course for giving the city centre the long-term future it deserves.”
Plans for site are expected to take around 15 year to complete and include building new homes, leisure facilities and event spaces.
The scheme also involves demolishing four high-rise residential tower blocks as part of the creation of a new ‘Cathedral Quarter.’
In February, residents of Manor House, Trinity House, Tudor House and Warren House were informed that their homes would be knocked down as part of the development.