Issue - meetings

To consider an update on the town centre regeneration projects including Peach Place, Elms Field and Carnival Phase 1 and 2.

The Committee considered a report, set out in agenda pages 11 to 16, which provided an update on the ongoing town centre regeneration works including Elms Field, Peach Place and Carnival Phase 2.

Philip Mirfin, Executive Member for Regeneration (including town centre highways), stated that he had been involved in the town centre Regeneration project for some time, originally being the deputy Executive Member for regeneration under Councillor Stuart Munro. Philip added that the Market Place project was a highways improvement project, rather than a regeneration project. Philip stated that the Clerk for Wokingham Town Council had asked for support with the Market Place project (see item 42), and subsequently Philip took on town centre highways as part of the Executive portfolio. He added that more stringent governance was put in place on the Market Place scheme (modelled after what was already in place on regeneration projects), in addition to weekly updates being communicated via the Town Council to residents and the wider community.

Bernie Pich, Assistant Director - Commercial Property, stated that it was important to understand the distinction between the regeneration projects (such as Peach Place) and the Market Place highways improvement project. Bernie stated that Gail’s Bakery and Waterstones had been a big success with residents since their openings, and demonstrated the type of quality retail stores that the Peach Place development was looking to attract.

Bernie stated that there had been some delays in the development of Peach Place, and outlined the timeframe for new tenants taking up new retail outlets being early February 2019. Bernie added that an Executive decision had been made in 2016 to lease the Peach Place residential units as key worker housing. He stated that access between Rose Street and Peach Street was being looked at.

Bernie stated that the Elms Field development was progressing swiftly, based on a phased completion process with the Shute End car park being the first such phase to have been completed. Bernie added that the Carnival Phase 2 development was now planned to include the demolition and a rebuild of the Carnival Pool. Bernie outlined that the Carnival Pool demolition would not take place until the redevelopment of the Bulmershe leisure centre was completed in addition to a substantial completion of the Elms Field development.

Bernie stated that Wokingham was in a good position to attract and maintain retail support as it was a historic market town in the South East. He added that the regeneration team were very keen to open Gail’s and Waterstone’s as this was used to help attract further interest in the rest of the scheme from prospective tenants and the community, with the goal being a mix of local and national names within the retail outlets.

Bernie stated that work on the Elms Field development did not begin until 65% of the retail units on the site had been let. He added that the total cost of the regeneration projects was £117.6m (using a cash flow model), which included everything  ...  view the full minutes text for item 41