Purpose

The Park Mall shopping complex has been in a
state of spiralling decline for several years and is operating at a
significant loss. The Council has the opportunity to purchase the
Park Mall freehold from the owner, PGIM. By securing the freehold,
the Council with have full control over the onward redevelopment
plans for the site, with these plans playing an important role in
the wider regeneration of the town centre.

Recommendation I. of Cabinet Report: Approve, subject to
negotiation and completion of appropriate due diligence, the
purchase of the Park Mall freehold.

Decision

To purchase the Park Mall 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 Park Mall freehold.
Option 2 - Not to purchase the Park Mall freehold and remain in a
long-term leasehold.