The Chairman introduced the report that dealt with the future of the Nicholson’s Shopping Centre in Maidenhead.

Cabinet were informed that in February 2019 Tikehau Capital with the cooperation of Areli Real Estate completed the purchase of Nicholson’s shopping centre.  The resources and expertise brought by the new owners, including Rob Tincknell the former chief executive of Battersea Power Station Development Company, provided an excellent opportunity to regenerate this key town centre location and formed a fundamental part of the overall regeneration of Maidenhead. 

The Chairman explained that the council owned three important sites in the area, 50% of the freehold of the shopping centre which had a lease to the owners with 117 years remaining, the Broadway Car Park and Central House.

The heads of terms proposed the process for the sale of the Council’s part ownership of the shopping centre and ownership of Central House providing significant capital receipt for the Council as well as a revenue return during the redevelopment period.

With regards to Nicholson’s Car Park it was proposed to undertake a land swap that would allow a new car park of at least 1000 spaces to be built near Queens Street.  The council would pay for the car park but Tikehau Capital would build it, this would also provide about 10% savings on the current car park plans.  The existing car park site would be transferred to Tikehau Capital.  They were planning to submit a planning application during the first quarter of 2020 with work starting later that year with a 3 year completion date.   Cabinet noted that Crossrail had issued a press release that the Elizabeth Line section would be completed the end of 2020.

The Chairman said he proposed to add the following addition to recommendation two ‘and bring such agreement to full council for approval by Members’.

The Lead Member for Finance and Economic Development reported that this was a critical piece of the jigsaw of regeneration projects and working with Tikehau would bring a visionary approach to the centre and the area. The proposals would allow the Council to work in collaboration with major developers to deliver regeneration that Maidenhead deserves. 

The Lead Member for Culture and Communities asked if the proposed development would allow access to the regenerated Desborough Suite and was informed that officers would look if it was possible to get access through Queens Street. 

Resolved unanimously: that Cabinet notes the report and:

i)          Approves the virement of £470,000 from the Broadway Car Park capital budget for work with Tikehau Capital and Areli on the Nicholson’s Shopping Centre redevelopment and a new car park.

ii)         Delegates authority to the Leader of the Council and Cabinet Member for Maidenhead Regeneration and Maidenhead and the Executive Director to negotiate and agree a contract with Tikehau Capital and Areli for the Council’s ownerships and a new car park  and bring such agreement to full council for approval by Members.