Council Approval Granted 6 th February 2013 Decision (i) That the Council to enter into a conditional contract to lease the Town Hall Car Park to Hawkstone PLC on the terms set out in the submitted report; (ii) That the Chief Executive of the Torbay Development Agency be instructed to negotiate terms of a conditional contract to grant a 199 year lease with an annual ground rent of not less than £50,000 plus existing car parking income (rent to be reviewed every 5 years, upwards only) together with a substantial capital receipt or a capital receipt of not less than £2.5 million, provided that such an arrangement is confirmed by the District Valuer to be in the best financial interests of the Council; (iii) That the contract to lease the land be subject to the developer achieving a detailed planning approval for a food store development together with associated car parking. The developer to submit a detailed planning application within 6 months and the development should be commenced within 12 months of planning approval;
www.torbaydevelopmentagency.co.uk Decision (continued) (iv) That the terms of any contract shall not result in a reduction of the number of parking spaces currently available for the public on the site; (v) The remaining terms of the contract negotiated shall be approved by the Deputy Mayor; and (vi) The approval to be subject to contract, planning approval and the TDA obtaining an independent valuation of the scheme so as to ensure the Council has (and is been seen to have) obtained best value. In the event there are changes to either the proposed scheme or the contract terms after the terms are agreed that further independent valuation advice will be sought.
www.torbaydevelopmentagency.co.uk The Scheme is important because: The development will create jobs (235 based on HCA data) The proposal will protect the viability & vitality of Torquay Town Centre by preventing out of town supermarkets pulling trade away from the town centre and by instead locating a food store in the town centre it will create linked shopping trips that will support town centre shops It is intended it will kick start other town centre regeneration projects in Torquay Direct and indirect financial benefits to Torbay Addresses food poverty & healthy living issues
www.torbaydevelopmentagency.co.uk Torbay - Financial Benefits Torbay Council will receive a £2.5m Capital receipt The Council will be guaranteed index linked income equivalent to the parking income (circa £130k p.a. gross) Business Rates Benefits (circa £2.2M) There will be many other indirect financial benefits to Torbay Part of the cost of Torquay Town Centre flood alleviation works being borne by developer Best Value to be safe guarded by independent property valuation
www.torbaydevelopmentagency.co.uk Progress and Programme TDA is progressing contract negotiations, these are well advanced with the parties targeting an exchange of contracts by the end of the calendar month Planning application to be submitted 3 rd / 4 th 2013 Despite widely reported negative market conditions by some retailers in the in store supermarket sector the developer is confident of securing an operator / they are in advanced negotiations with a number of well known names Development commencing 2014
Other Safeguards / Advantages The Shop Mobility and The Coalition of Disabled People offices will be re-provided Public parking provision is protected Commences the implementation of Flood alleviation works that will when complete protect business in Union Street and Fleet Street from flooding and/or building works disruption Scheme will be designed to work with either the existing road layout for Torre or the alternative
www.torbaydevelopmentagency.co.uk Thank You Questions?