By approving the sale of the freehold to current leaseholders UREF LP, the Cabinet has broken the stalemate situation of the historical agreement that had meant proceeding with the development was ‘unviable and unlikely to ever proceed’.
This now means that plans to strengthen the vibrancy and economic growth of Windsor, that include a boutique cinema, enhanced retail space, a hotel, office space and homes, can start.
The deal, which also supports the council’s drive to manage assets and consider sales where it makes strategic and financial sense, as part of the Financial Improvement and Sustainability Plan, will also deliver an uplift in business rate income once the development is completed.
Cabinet Member for Planning, Governance and Asset Management, Cllr Adam Bermange, said “It’s great news that we have been able to break the barriers of the historical agreement – and get the plans to regenerate this area in Windsor finally going, benefiting both our residents and the council.”
Cabinet Member for Children’s Services and Windsor, Cllr Amy Tisi, said “This is a fantastic deal and will provide a real boost to the town through much-needed regeneration of Windsor Yards and an exciting new entertainment, leisure and retail offer at the heart of Windsor for residents and visitors to enjoy.”