Agenda item

To consider the Solicitor to the Council’s Report No. LEG1612 (copy attached), which sets out proposals relating to the regeneration of the Union Street East site in Aldershot.

The Cabinet considered the Solicitor to the Council’s Report No. LEG1612, which sought approval to take forward the regeneration of the Union Street East and former Marks and Spencer building site, as identified in the Aldershot Town Centre Prospectus Supplementary Planning Document.

Members were informed that the site comprised Nos. 36 – 62 Union Street and Nos. 51 – 57 High Street. The Report set out the background information and the development options. It went on to highlight a number of acquisition issues around the assembly of the land which would be required to secure a development partner. It was proposed that the Council should continue to intervene at this site to acquire the properties required to allow the area to be regenerated. A number of funding options had been explored, including bids to the Local Growth Fund, which was overseen by the Enterprise M3 Local Enterprise Trust and these options were set out in the Report. Members heard that, given the complexity of ownerships, the Council would need to work up a scheme as to how the key site could be regenerated to encourage interest from residential developers.

The Cabinet confirmed its support for intervening where required to facilitate the regeneration of Rushmoor’s town centres and acquiring relevant sites as they became available.

The Cabinet RESOLVED that

(i)           the redevelopment of the Union Street East and former Marks and Spencer Key Site, as identified in Appendix 1 of the Solicitor to the Council’s Report No. LEG1612, be approved;

(ii)          the details of the project be taken to the Aldershot Regeneration Group;

(iii)         the capital cost for the acquisition of the four Union Street properties stated in the Report, as set out in the confidential Appendix 2 of the Report, be approved;

(iv)         the full year revenue costs associated with the property acquisitions, as set out in the confidential Appendix 2 of the Report, be approved;

(v)          the urgency decision to acquire Nos. 60 – 62 Union Street, Aldershot be noted;

(vi)         the Head of Financial Services be authorised to:

-               accept any grant funding towards the costs of the redevelopment and to enter into any prudential borrowing arrangement, subject to appropriate safeguards, to increase the viability of the scheme;

-               submit expressions of interest and to enter into any loan or grant agreements with the Local Enterprise Partnership or the Homes and Communities Agency necessary in respect of the redevelopment of the key site;

(vii)       the Solicitor to the Council be authorised to:

-               negotiate and acquire by agreement Nos. 60 - 62 Union Street, Nos. 54 – 56 Union Street / Nos. 53 – 55 High Street, No. 52 Union Street, No. 50 Union Street and No. 36 Union Street within the key site area, at the price set out in the confidential Appendix 2 of the Report and subject to confirmation from the Council’s valuer or the Council’s external Compulsory Purchase Order adviser that the price represents the appropriate open market value;

-               enter into any legal documentation necessary in respect of the purchase or acquisition of rights and to undertake any ancillary action in connection therewith;

-               procure and appoint architects to develop a scheme for the redevelopment of the key site; and

-               appoint external advisers to advise upon Compulsory Purchase Order acquisition costs.