Purpose

HBC are intending to acquire the freehold of Block C Market Parade and former Star Inn, Havant (also known as 35-51 (odd) Market Parade along with 59 North Street Car Park). The associated land acquisition is of strategic importance to the Regeneration of Havant. The purpose of the acquisition is to obtain control of the land so that the existing building can be demolished and a new modern gateway to Havant can be established delivering on the vision for the town’s regeneration plans. The regeneration plans extend from the public service plaza site down to the former Bulbeck multistorey car park, however due to its location Market Parade is seen as potential catalyst for the regeneration as a whole.

In the interim, as series of meanwhile uses are planned:

·       The existing residential units will be used to meet demand for temporary housing and thus reduce pressures on the costs of providing such accommodation. In addition it will contribute towards Aim 1 of the Councils Housing Strategy 2024-2029 seeks to 'prevent homelessness and help those who are homeless to move on to stable solutions';

·       The commercial units will continue to be let, thus providing a revenue stream for the Council;

·       The car park will be operated by the Parking Team, thus providing another source of income for the Council.

Decision

Decision to spend £3,375,000 from the Regeneration Reserve to acquire Block C Market Parade and former Star Inn, Havant.