Wakefield Council buys The Ridings for £11m

Wakefield Council has spent more than £11m on buying The Ridings shopping centre, it has been revealed.

The acquisition is the first step in a major regeneration project, which will see the 1980s-built mall demolished to make way for a multimillion-pound development scheme.

Friday marked the first full day of the council owning the site, after a deal was agreed to buy it from businessman Zahid Iqbal.

The purchase was funded by a grant from the Ministry of Housing, Communities, and Local Government.

A council statement said: "The agreement sees the council purchase The Ridings for £11,050,000 from Ridings 2023 Ltd.

"The agreed price follows a robust due diligence process and a Red Book Valuation, carried out by independent experts.

"The deal reflects the strategic importance of the site of The Ridings in unlocking regeneration in Wakefield and sets a clear course for giving the city centre the long-term future it deserves."

According to the Local Democracy Reporting Service, plans for site are expected to take about 15 years to complete and include building new homes, leisure facilities and event spaces.

The scheme also involves demolishing four high-rise residential tower blocks as part of the creation of a new Cathedral Quarter.

The council said it would be providing more information to businesses directly impacted by the plans about "day-to-day management arrangements for the centre" and providing support to businesses who want to remain in the city centre.

A public consultation on the scheme is expected to begin this summer.

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