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Agreement signed.
Wiltshire Council has completed the legal agreement to transfer the freehold of St Stephen’s Multi-Storey Car Park to Patet Ltd, the owner of the adjoining Castle Place Shopping Centre.
The agreement implements the revised approach approved by Cabinet in July.
The agreement means that when the council vacates Castle Place Leisure Centre the freehold of the car park will transfer to Patet Ltd.
The transfer creates the opportunity for future investment in this part of Trowbridge town centre and removes the council’s future responsibility for the maintenance, refurbishment and eventual demolition of the ageing structure.
Independent engineering advice indicated that extending the car park’s operational life by around 10 to 15 years would require estimated investment of between £3.5m and £5m within the next two to five years.
As the council cannot charge for parking at the site, there is no income stream to offset those costs.
Safeguards for Wiltshire Council
The signed agreement includes milestones to be met by Patet Ltd in respect of approval and physical for demolition, plus planning approval for comprehensive redevelopment. Once the transfer has formally taken place, the council will be in a position to confirm more details on the agreement.
What happens to the car park now?
The car park remains open and is expected to remain available until at least the new Trowbridge Leisure Centre opens.
Future redevelopment
No redevelopment proposal is being announced as part of this agreement.
Any future scheme would be brought forward by the new owner and would need to follow the relevant planning and statutory processes.
A press release will be issued, and detailed questions and answers will be available on the WC website.