Purpose

The redevelopment of Park Mall and Edinburgh
Road car park site has been a long-held aspiration of the Council
going back to 2015. The Council currently holds a lease for the 4th
floor of the Edinburgh Road Car Park. Purchasing the freehold of
this asset will grant the Council full control over the
redevelopment plans for the site. These plans are integral to the
broader regeneration efforts of the town centre.

Recommendation II. of Cabinet Report: Approve subject to
negotiation and completion of appropriate due diligence, the
acquisition at market value (amounts will be reported via budget
monitoring retrospectively) of all sub-interests within Park
Mall.

Decision

To purchase 4th Floor Edinburgh Road Car Park
Freehold, allowing the Council to take full ownership of the future
redevelopment of the site and support the wider town centre
regeneration.

Alternative options considered

Option 1 - Purchase 4th floor Edinburgh Road
Car Park Freehold.
Option 2 - Not to purchase 4th floor Edinburgh Road Car Park
Freehold.