On Thursday 26 May Wokingham Borough Council’s decision-making executive will consider securing an additional Wokingham town centre property to complement its existing regeneration proposals.
The site, if acquired, would offer a good financial investment to the borough council and would generate income in the longer term, benefitting the whole borough.
Cllr Mark Ashwell, executive member for planning and regeneration, said: “It’s a great opportunity for the town as owning this site would help us address some recurring comments made during the public consultations and reflected in the adopted Masterplan objectives around connectivity, access and more effective use of property within the town.
“It could also offer us an opportunity to re-house some of our existing independent traders who will have to move from other parts of the town whilst we redevelop it. It could also bring in new niche retail to the town, both of which are things we are keen to do. It’s also our approach to lettings within the town centre.”
Due to the commercially sensitive nature of the negotiations, the council is unable to confirm the name of the site at this time, but will provide further information on completion of the purchase.
Cllr Ashwell continued: “Buying this site would also be a great financial opportunity for the council as it complements the existing town centre portfolio of properties. It would also help us create a long-term source of income for the borough council which is not dependent on local tax payers or government grants. With increasing pressure to find income to pay for services and projects across the borough, it’s important we can find ways of doing this that benefits all.
“Our regeneration scheme is a prime example of this where we have invested money in buildings which generate an ongoing income for the council, paying for the regeneration as well as services and projects across the area. It’s proving an excellent approach and we believe it’s one we can apply elsewhere as we move forward with regenerating other towns and locations within the area over the coming years.”
Should the executive agree to secure this property on Thursday 26 May, the council would proceed with final negotiations to secure the site over the coming months.