Gloucester City Council purchases St Oswald's Retail Park
The deal includes an option of 4.5 acres of land next to land already owned by Gloucester City Council, which will be used for regeneration and housing.
Gloucester City Council has bought St Oswald’s Retail Park for £54 million in a deal that should help realise additional regeneration and housing for the city.
The long lease acquisition of the popular retail park, which has a long weighted average unexpired lease term, also includes an option on adjacent land which allows approximately 4.5 acres of unoccupied land. This option has already been ring fenced for future regeneration and housing growth, to be developed as part of the council’s priorities. This sits next to 4.5 acres already owned by Gloucester City Council.
The money to buy the retail park and the option has been borrowed by Gloucester City Council, which will be paid back over a period of years using income generated by occupier leases on the retail park.
Gloucester City Council is already actively looking to take forward plans for the unoccupied 9 acres of land off Gavel Way. Under the Gloucester City Plan, future housing provision will include at least 25% affordable housing.
Cabinet member for regeneration and economy Cllr Paul James said: “Acquiring the long lease of this retail park also opens up significant opportunities for Gloucester City Council.
“Alongside securing St Oswald’s there is also the opportunity for regeneration and housing on the land off Gavel Way. The land has been vacant for 15 years and will provide many benefits for Gloucester.
“This investment in the retail park has been enabled through borrowing and continues to support the future delivery of council services and our priorities.”