Wakefield Council agrees deal to buy The Ridings

Council bosses say a deal to buy The Ridings shopping centre in Wakefield has been agreed, just 24 hours after negotiations had stalled.

Wakefield Council set out plans to purchase and demolish the building as part of a major regeneration project in February, but on Monday suggested the sale was in doubt over the price.

However, in a fresh statement, the authority's chief executive Tony Reeves said the council had now agreed a deal with current owner Zahid Iqbal "with contracts to be exchanged shortly".

Reeves said: "We're confident that this deal reflects both the work of the owner with the shopping centre and provides good value for the public."

He added: "We'd like to thank Mr Iqbal for getting this deal over the line and enabling us to provide certainty for residents and businesses affected.

"We can all move forward now and give our city centre the long-term future it deserves."

Following the announcement, Iqbal said: "I'm pleased to have reached a fair and reasonable agreement that reflects the centre's market value.

"Now is the time for change and a new chapter for the city."

The proposed Cathedral Quarter redevelopment would see the existing shopping centre and four nearby tower blocks demolished and replaced with new housing, green spaces and leisure facilities.

A council spokesperson said it was "committed" to the proposals and would be working with business and residents directly impacted by the plans to "make sure that those who want to remain in the city centre are able to do so".

They added: "The council and the owner will be communicating directly with tenants in The Ridings once a completion date for the sale is agreed.

"Consultation is then expected to start this summer, with everyone having the opportunity to influence how the plans will take shape.

"Phase 1 of the project includes the council's commitment to secure new high-quality accommodation for Vico Homes residents who choose to stay in the city centre."

The project is expected to take 10 years to complete, with no date set for the closure of the shopping centre.

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