Jump to content
House Price Crash Forum
interestrateripoff

£600 Million Sheffield City Centre Shopping Scheme Blow

Recommended Posts

http://www.thestar.co.uk/news/local/600_million_sheffield_city_centre_shopping_scheme_blow_1_2976025

LONG-DELAYED plans to create a £600 million shopping mecca in Sheffield face further setbacks as time runs out for the council to find the cash for a £20m bailout.

The ambitious Sevenstone retail project can only go ahead if properties on the site are bought before compulsory purchase orders expire in July.

But a report to be discussed by Sheffield Council’s cabinet today reveals officers are uncertain if funding for the purchases will come through in time.

“What do you think about the state of Sheffield City Centre? Take a couple of minutes out to register on our new website then you can join the debate by adding a comment below - and you’ll be in with a chance of winning theatre or concert tickets.”

The new retail quarter, announced at the height of the economic boom, was meant to turn dilapidated streets between Barker’s Pool and The Moor into a shopping development that could help the city compete with Leeds, Nottingham and Manchester.

But when the recession struck the scheme was put on hold and developers Hammerson postponed building work in January 2009.

Now time is running out before the CPOs expire despite regular reassurances from town hall bosses the scheme would go ahead in a scaled-back format. The problem was first highlighted last January, when council bosses drew up plans for a £20m fund to buy up the city-centre properties, with £9.57m due to come from Yorkshire Forward and £2m from the Homes and Communities Agency.

Council money was to make up the remainder of the bailout.

Ron Rees, Sheffield Council’s retail quarter project director, announcing the bailout plan last January, said: “If we failed to acquire the land, you could say goodbye to any big initiative to redevelop the city centre.”

The Labour Government signed off the cash in April 2010 but the Tory-Lib Dem coalition suspended funding when they came into power and have not yet revealed whether they are able to pay for the scheme.

Nice it's a property development that needs a bailout.

What a great use of public funds as they would have the land and probably no one would actually have the money to build anything. Perhaps it could have been the UK's first Tent City shopping area?

Share this post


Link to post
Share on other sites

http://www.thestar.co.uk/news/local/600_million_sheffield_city_centre_shopping_scheme_blow_1_2976025

Nice it's a property development that needs a bailout.

What a great use of public funds as they would have the land and probably no one would actually have the money to build anything. Perhaps it could have been the UK's first Tent City shopping area?

No problem. If the council need a few quid to bail out some developers they can just cut a few more jobs and services. We are all in this together.

Share this post


Link to post
Share on other sites

Don't they already have a huge shopping centre there?

There's Meadowhall, but to all intents and purposes it's an out-of-town shopping centre.

Share this post


Link to post
Share on other sites

Aberdeen Council spent public money saving a conference centre and hotel development

Aberdeen Exhibition and Conference Centre (AECC) was saved from closure after city councillors gave their backing to a fresh rescue plan.

Councillors approved a move last night to push back a looming deadline for repayment of a £7.5million loan by seven years and convert another £2million debt due to the council into shares in the centre. They also backed plans to underwrite the construction of a four-star hotel next to the AECC at Bridge of Don

The local authority has provided £28million in loans to the centre in the last five years, as well as £8.85million in subsidies since 1998.

http://www.pressandjournal.co.uk/Article.aspx/1601116?

Now money is a bit tight! 5% pay cuts for people on £21k+ or 900 job cuts. Still the AECC developers must be happy.

Aberdeen City Council has announced it would be forced to cut 900 jobs after unions rejected council's offer for a 5% pay cut for employees earning over £21,000. The city council is facing funding cuts of £120 Million over the next five years

http://www.egovmonitor.com/node/40457

Quick - someone add up how much council money has been spent propping up property developers in the UK.

Share this post


Link to post
Share on other sites

Don't they already have a huge shopping centre there?

Meadowhell is actually geographically closer to Rotherham town centre than it is to Sheffield city centre.

This latest twist in the Sevenstone saga comes as no surprise to those who have been following the story. It's an ill-starred project that has left parts of the city centre looking more akin to the post-1940 Sheffield Blitz than the 21st century.

Share this post


Link to post
Share on other sites

Sheffield Town Centre has serious issues with regards traffic congestion. The scheme would only have been viable if they were to completely pedestrianised it and then most people take themselves and their cars along to meadowhall.

Share this post


Link to post
Share on other sites

Wolverhampton Council have canned theirs as well.

Mander Centre is pretty dilapidated these days.

Edit to add: People are mentioning Meadowhall but that's not exactly sparkling and new, these days, and is now into its third decade.

Edited by Soon Not a Chain Retailer

Share this post


Link to post
Share on other sites

Out of town yes, this was about regenerating the City Centre.

And the city centre needs regenerating 'cos shoppers now go to meadowhall instead of sheffield city centre.

Does the financial plan for this regenration include a 20 year plan to regenerate Meadowhall if the city centre scheme is successful?

Share this post


Link to post
Share on other sites

Edit to add: People are mentioning Meadowhall but that's not exactly sparkling and new, these days, and is now into its third decade.

Haven't been for a long time. The floods a year or so ago didn't do it much good.

sarah_parker_470x350.jpg

And the city centre needs regenerating 'cos shoppers now go to meadowhall instead of sheffield city centre.

I don't use either (online for me).

Regenerate away all the chavs, chuggers, beggers, buskers and other elements of the "human obstacle course", not to mention all the flippin' bollards and "street furniture" everywhere and you *might* get me back there. Pedestrianized? Pedestrianized my ****! I made faster progress when the cars were there.

This is what Saturday is like on Fargate.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.