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A decision was reached yesterday. Funding was NOT agreed.
Wiltshire Council has considered proposals relating to the finances of the potential future plans for St Stephen’s Multi-storey Car Park in Trowbridge; however, capital funding was not agreed to proceed with the council’s intention to transfer the freehold.
The matter was discussed at an Extraordinary Full Council meeting held on 7 January. Councillors considered a report setting out the finances required for a proposed approach for the site, and a decision was taken to not approve funding to progress the proposed freehold transfer of St Stephen’s Multi-storey Car Park to the owner of the adjoining Castle Place Shopping Centre, Patet Ltd.
As a result, no addition was made to the council’s 2025/26 Capital Programme for this purpose, and the council will not be moving forward with any formal arrangements at this stage.
The report presented to councillors outlined a proposed funding requirement of up to £2.5m, which would have been structured as staged payments linked to specific milestones, beginning with a payment on transfer of the car park.
Prior to the meeting, a range of options for the site had been explored, including:
• Disposal of the car park on the open market
• Retaining the site and replacing the car park
• Purchasing the shopping centre for redevelopment
Each option was assessed for its financial impact on Wiltshire Council and local taxpayers. An independent valuation by Lambert Smith Hampton indicated that the site’s liabilities exceed its value by £1.95m, and officer advice set out the relative costs and risks of the options available.
As no funding has been agreed, the council will now consider next steps in line with its usual governance processes.