Wakefield buys The Ridings for £11m
The acquisition means the council can progress with the demolition of the shopping centre to make way for the Muse-masterplanned Cathedral Quarter project, which will bring around 1,000 homes, public space, a museum, cinema, and library to the city centre.
Wakefield Council sealed the deal with The Ridings owner Zahid Iqbal two weeks ago and took ownership of the centre on Friday 1 May.
The acquisition was funded through a £11,050,000 grant from the Ministry of Housing, Communities, and Local Government, earmarked specifically for this purpose.
In its next steps, the council has said it will contact businesses impacted by the plans, with a consultation starting this summer.
As well as the shopping centre, four Vico-operated housing blocks will also be demolished to make way for the Cathedral Quarter regeneration scheme.
Wakefield Council has already earmarked a site for the 200-apartment replacement housing for residents, on land formerly occupied by the Wilko store in the Kirkgate area.
The housing will once again be operated by Vico and will be built during phase one of the project, which is expected to take around 15 years to deliver.
