THE MALLS: THE MALLS PRESENTATION TO THE CENTRAL AREA VISION SINGLE ISSUE PANEL APRIL 24TH 2007 HELEN HARBOUR


Slide2: THE PROCESS RETAILING NATIONALLY RETAILING REGIONALLY BASINGSTOKE RETAIL OFFER NOW THE FUTURE THE MALLS


THE MALLS SHOPPING CENTRE: THE MALLS SHOPPING CENTRE


THE MALLS TENURE: THE MALLS TENURE Freehold owned by BDBC BDBC, jointly with HCC (as highway authority), granted a lease expiring in 2120, currently held by St Modwen BDBC took back a sub-lease of the whole to 2079, option to extend to 2120 BDBC responsible for the day-to-day management in liaison with St Modwen BDBC grants leases to retailers BDBC hands 65% of the income it collects to St Modwen BDBC retains 35% of the income Leasing arrangements include car park above


THE MALLS RECENT HISTORY: THE MALLS RECENT HISTORY St Modwen acquired interest 11/04, on basis of a desire to regenerate St Modwen employed multitude of advisers to examine potential, particularly Structural Engineers, Architects and Letting Agents Presentations to Members Main proposals – development of three towers in the air space above The Malls and wrapping around The Malls outer boundary walls to provide access and also to change shopping centre image Cabinet December 2005 – Collaboration Agreement – St Modwen to develop proposals further, in partnership with the Council – BDBC “pushing” progress and encouraging St Modwen to explore further


THE MALLS RECENT HISTORY: THE MALLS RECENT HISTORY 2006 – Air space schemes – considered resi, hotel, education, offices - not viable without a pre-let Unsuccessful in obtaining a pre-let thus far St Modwen continue to seek potential air space tenants St Modwen also concerned re the retail vacancies, and are leading that agency work 2006 – BDBC pushed St Modwen to consider a retail refurbishment. Some proposals developed with architects re entrances, canopies, lighting, paving public realm etc etc Concern re fitting in retail refurb with any overall scheme Jan 2007 - St Modwen – no programme for air space considerations; cannot justify any investment until enhanced value created


THE MALLS - LETTING AREA: THE MALLS - LETTING AREA


THE MALLS - LETTING CHALLENGES: THE MALLS - LETTING CHALLENGES Twenty five units Twelve with secure occupation Two new lets within those Five vacant units Two temporarily let units Six subject to lease renewal in short term


THE MALLS – CABINET DECISION : THE MALLS – CABINET DECISION January Cabinet Decision – work with HCC on a joint scheme for Alencon Link meet HCC requirements in relation to bus provision meet BDBC objectives in enhancing the frontage to The Malls Cabinet agrees to the principle of contributing funds to such a scheme from the capital resources earmarked for The Malls in the Medium Term Budget Strategy Cabinet does not pursue an interim scheme at this point in time, but instead reverts to considering this later


THE MALLS – ALENCON LINK : THE MALLS – ALENCON LINK Land in front of The Malls is designated highway Land NOT included in lease to St Modwen HCC proposal to upgrade bus stop area in front of The Malls Six new staggered bus stops adjoining existing roadway in front of Sainsbury’s Pinch points to demarcate bus stopping area Signage alterations Alterations to adjoining landscaped banks and retaining walls New bus information displays New bus waiting provision


THE MALLS – ALENCON LINK : THE MALLS – ALENCON LINK Agreement HCC and BDBC, in principle, that land surplus to bus stop use to have highway rights extinguished (subject to formal HCC Officer and Member approval) and to be used to upgrade appearance and environment around The Malls BDBC appointed architect looking at scheme options Brief – Enhance visual appearance of The Malls from the station and Alencon Link Improve the environment in front of The Malls Provide a suitable gateway entrance for the Town Centre Do not wish to create lots of new space, but kiosks / food and drink units may be appropriate around the entrance Bear in mind possible linkage into improvements to The Malls


THE MALLS – DONALDSONS INITIAL ADVICE ON STRATEGIC DIRECTION: THE MALLS – DONALDSONS INITIAL ADVICE ON STRATEGIC DIRECTION Impossible to change into an historic character full shopping environment Rebuild / wholescale major refurbishment not justifiable / possible Too many long lets Too high occupancy levels In current market cannot justify provision of considerably more space without a specific requirement Would not stack up financially St Modwen’s work showing that building on top does not stack up


THE MALLS – DONALDSONS INITIAL ADVICE ON STRATEGIC DIRECTION: THE MALLS – DONALDSONS INITIAL ADVICE ON STRATEGIC DIRECTION Middle / low market offer Festival Place as middle / upper The Malls - Create a value / every day centre For regular “popping in” – during rail and bus journeys from the adjoining office buildings from the adjoining residential areas for lunch time /going home tasks


THE MALLS – DONALDSONS INITIAL ADVICE ON STRATEGIC DIRECTION: THE MALLS – DONALDSONS INITIAL ADVICE ON STRATEGIC DIRECTION Emphasise easy links / access Make it easy to move in and out and through Make easily useable by those in a “rush” Minimal refurbishment to make welcoming, clean, smart, attractive modern, simplistic and clutter free Do not need to cover over or spend large sums of money Address paving, lighting, signage, entrances, public realm, cladding exterior, canopies, etc Not to be a place to particularly sit and dwell Relocate dwelling areas to elsewhere in the town as part of the Central Area Vision Reduce number of seats and light columns etc to create more space for movement


THE MALLS AND THE SINGLE ISSUE PANEL: THE MALLS AND THE SINGLE ISSUE PANEL A refurbishment, and enhancement to the entrance, will demand investment from BDBC that is unlikely to meet established commercial rates of financial return, but such work would contribute to enhancing the town overall and “protecting” The Malls as a property investment Report through Overview to Cabinet on the Central Area Vision in June – reference to The Malls? The Panel’s decision……… Following the Central Area Vision a report will go to Cabinet on the way forward with The Malls, reporting on the current on-going work and reflecting the outcome of the Vision