Wakefield Council ownership of The Ridings begins

Wakefield Council has concluded the deal to buy The Ridings, with a first full day of ownership of the shopping centre on Friday 1 May.

The acquisition paves the way for the delivery of transformational plans for Wakefield City Centre, which will see the demolition of The Ridings to make way for a vibrant new Cathedral Quarter for leisure, living and events. 
 
The acquisition of The Ridings is funded by a grant from the Ministry of Housing, Communities, and Local Government, earmarked specifically for this purpose. 

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.
 
The Council will now provide more information to businesses directly impacted by the plans. Including on ongoing day-to-day management arrangements for the centre and providing support to businesses who want to remain in the city centre into the future.

Consultation is then expected to start this summer, with everyone having the opportunity to influence how the plans will take shape.