Mystery property deal at heart of £25m regeneration of Kingswood high street

Mystery surrounds a major property deal struck by South Gloucestershire Council at the heart of a £25m transformation of Kingswood high street.

The authority is making a “substantial investment” to acquire and refurbish a building but cannot yet say publicly how much money is involved or even identify the property in question because of commercial sensitivity.

Council leaders have indicated it may involve vacant or unused units that will be brought back to life.

The deal’s existence emerged as funding for the town centre’s regeneration topped £25m when cabinet members approved £5m from the council on Monday, February 1.

That is on top of £12.5m from the Government’s Future High Streets Fund announced on Boxing Day and £7.5m match funding from the West of England Combined Authority committee on Friday, January 29.

Kingswood’s revitalisation, which is backed by a masterplan subject to further community engagement, includes the pedestrianisation of Regent Street and a new public open space for markets, performance arts and cultural events.

The unprecedented investment in the area will also see traffic rerouted and cycling and walking promoted with access to nearby green spaces and heritage sites.

It will mean the full restoration of the derelict Grade I-listed Whitfield Tabernacle into a cultural and community venue providing family and evening entertainment.

But details of a major portion of the funding to allow the local authority to “pursue investment into property and commercial premises that will directly contribute to the town centre regeneration” are having to be kept under wraps for now.

“Significant new assets” have apparently been acquired by the council. Photo: Ellie Pipe

Strategic planning and partnership manager James Cooke told cabinet members: “The report identifies a substantial investment in property acquisition.

“The specifics of that have to be subject to the exempt appendix on account of the commercial confidentiality applicable to that particular property and due to the legal process for acquisition while negotiations finish.”

Members approved the “acquisition of property” and up to £5m from the authority’s property and land investment fund “for the purposes of redevelopment of assets acquired”.

A report to members said: “Faced with the challenge of a number of long-term vacant premises, the council wanted to understand the opportunity for intervening in the market by acquiring property and leading regeneration.

“In the course of the project a significant package of property acquisition was realised in time for ‘strike prices’ to be agreed with vendors within days of the Future High Streets Fund full business case being submitted to the Government.

“The respective package of acquisition is commercially sensitive at this stage and is not therefore being publicly reported.”

“The council is taking commercial advice in respect of the opportunities to acquire other property which enables the delivery and potential acceleration of masterplan objectives.”

The report said the “significant new assets” acquired by the council would require more staff in the authority’s property services team to “manage and develop the property and carry out constant liaison with relevant agents and contractors”.

It said details of the property and the financial appraisal could not be disclosed in public because of “ongoing negotiations with property owners”.

The report said the Government’s grant awarded the “full cost of the property acquisition and immediate asset management” while the council’s £5m contribution was for the redevelopment works.

It said the property would generate income to be reinvested in Kingswood.

The council cannot yet say publicly how much money is involved because of commercial sensitivity. Photo: Ellie Pipe

Labour councillor Kim Scudamore said residents would appreciate the regeneration funding and vision but too much attention had been given to the tabernacle, which was only one element.

“The other elements, which I appreciate we are not in a position to discuss in much detail at this stage, are crucial and I’m sure much more difficult to progress,” he said.

“Unfortunately, Kingswood has a few landlords who seem reluctant to take responsibility for the upkeep of their property and don’t seem to care about the impact that their deteriorating buildings can have on the entire area.”

But Conservative cabinet member councillor Steve Reade said: “This is an exciting time for Kingswood and its residents and I’m looking forward to unveiling future plans soon.

“There will be more consultation so there will be more opportunity for the public to give its viewpoint.”

Cabinet member councillor Rachael Hunt said: “This project hopefully is going to be something really transformational.

“Kingswood faces challenges in terms of declining footfall, long-term vacancies of high street units, a decline in public realm and quality of buildings and concerns about antisocial behaviour.

“The acquisition of commercial property with plans for redevelopment is particularly exciting.”

Cabinet member councillor Ben Burton said the aim was to ensure the high street remained a relevant destination.

“Going to other high streets shows the importance of acquiring vacant and unused properties and repurposing them to make sure they stay relevant and front and central to the community’s use because that is so critical,” he added.

Adam Postans is a local democracy reporter for Bristol.

Main photo: Ellie Pipe

Read more: Traffic could be diverted to allow pedestrianisation in Kingswood town centre