Wakefield Council urged to buy Ridings Shopping Centre in 'no-brainer' deal to transform city

Business leaders have this week urged Wakefield Council to consider buying the ailing shopping centre so it can press ahead with regeneration plans.

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

Mr Woodhead said it would allow the Council to begin ‘phase one’ of its 20-year masterplan for the city centre – demolishing part of the centre to create space for new housing on Kirkgate.

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.”

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.

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.”

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.

Mr Woodhead continued: “As with anything, there is the cost of buying and there is the cost of doing something with it.

“But when you look at the BHS store, you could argue that they have already started the process.

“In terms of value for money, it’s quite evident. It’s a no-brainer

“They are already in for a penny, why not for a pound?

“I don’t think they are going to lose money on it if they work it well in terms of asset management.

“What would make the scheme successful is no doubt partnering up with a residential developer.

“Somebody who could handle demolishing the bottom half and turning it into residential.”

Council Leader Denise Jeffery said earlier this year that leisure facilities – including a bowling alley, zip wires and a mini skate park – could be put in the centre to end an ’empty shop culture’.

Mr Woodhead described The Riding as “over-shopped”.

He said: “Like many other towns, it has had a new shopping development entering into the fray (Trinity Walk).

“It is the same picture all over – Leeds, Doncaster, Barnsley – they all had a new shopping centre built but hoped that there we going to be new tenants magicked up from somewhere.

“In reality that never happened.

“All that happened was that they left the good part of town and moved to the new shopping development which left the former best parts empty.

“Bringing more residential properties into the town will create more footfall and more spending to support those local businesses.”

“There is so much more that could be done, such as relocation of the indoor market into the top end of the centre.

“There will be numerous residential developers wanting to do a joint venture with the council.

“I think it’s a win-win all round.”

Stephen Baker, of family-run Baker Furnishings, on Gills Yard, said: “I am not normally in favour of public bodies getting involved in private enterprise.

“But in this instance, knowing what they have got planned for the city centre, this is the only way forward.

“It was sold for a lot more in the past.

“It seems a fair market value and if the Council does the work they say they are going to do, it will make the Ridings attractive once again.

“It is a big development but The Ridings is one of the pieces needed to fit the jigsaw together.

“If they can acquire it and get the work done, it can only mean an improvement for the city centre.”