To consider a report from the Executive Member for Economy and Regeneration.

1)    That the the progress made since January 2022 be noted.

2)    That the proposed future Centre/ Asset Management Strategy be approved.

3)    That the future management strategy be approved.

The Executive Member for Economy and Regeneration gave a short introduction to the report. As part of the introduction the Committee were reminded that in January 2022 the Executive had set out several interventions to prevent further loss from the Grafton Centre. In March 2022 the Council had appointed a dedicated centre management provider which had led to a marked improvement in the management of the asset and an increase in income of 20%. The Committee were asked to note the work that had gone into looking at possible uses for the centre, the plans for the centre, and the aims of those plans detailed within the report.

Following the introduction Councillor Newgrosh noted that the Council had bought the asset with a view to redevelopment in the area and asked how things would change within the next year to deliver a greater return on the investment. The Executive Member for Economy and Regeneration responded to Councillor Newgrosh that the Council had faced a number of challenges since the asset was purchased including the covid 19 pandemic and an economic crisis as well as issues around returns from some of the main tenants of the centre. The Council had agreed a large amount of investment into the area around the centre and the Executive Member for Economy and Regeneration felt that there was a need to take stock of where the Council was up to in the regeneration of the area before progressing further.

Councillor Evans asked who would look to invest in the units when there was a possibility that they would be removed in two years’ time. In response the Executive Member for Economy and Regeneration assured the Committee that no tenants would be removed from units and any who did need to move would be aided by Council through the transition of their business to new location. The Executive Member for Economy and Regeneration added that the Council provided support to all businesses in the area and had a team dedicated to support businesses with Grafton Centre and across town centres.

Councillor Butt asked whether the consultation would be paid for with the £400K mentioned within the report. The Executive Member for Economy and Regeneration responded to Councillor Butt informing him that the £400K covered the new management arrangements, works on the Grafton Centre, and it was also likely to cover the feasibility study. The other £122K mentioned in the report was a loss of rental income from the Grafton Centre.

Councillor Welton welcomed the report and understood the difficult challenge the site presented and recognised that to turn it around within two years would be a quick improvement. Councillor Welton highlighted the issue that there was a lack of accessible toilets in the town centre and asked whether any units in the Grafton Centre could be used towards those ends. The Executive Member for Economy and Regeneration thanked Councillor Welton for his positive comments and for recognising the long term aims of the Council in handling the asset. The Executive Member for Economy and Regeneration was aware that setting up new toilets was costly but assured Councillor Welton that the question would be put to the asset management company.

The Executive Member for Finance Change and Governance informed the Committee that the Age Well Board had completed a mapping exercise of accessible toilets across the borough and encouraged Councillors to look at that piece of work.

Following the discussions, the Leader moved the recommendations of the report and they were approved.

RESOLVED:

1)    That the progress made since January 2022 be noted.

2)    That the proposed future Centre/ Asset Management Strategy be approved.

3)    That the future management strategy be approved.