Three Herefordshire councillors have put the brakes on one of the largest proposed developments in Europe, accusing those behind its ‘Masterplan’ of ignoring the recession-making credit crunch.
Hereford’s 100-acre Edgar Street Grid development has been ‘called in’ for debate at next Monday’s, July 13, council community services scrutiny committee, by Independent Councillors Mark Hubbard and David Benjamin and Alliance Councillor Gerald Dawe.
But the council says it welcomes scrutiny of early final lease negotiations with developers Stanhope on the Grid’s retail and leisure quarter, which aims to provide a new multi-screen cinema, as well as a range of high-quality household name stores. The dissenting trio say there was no previous indication “that a 250-year lease was being considered, and insufficient explanation as to why this was necessary”, and that there has been no public re-negotiation of plans for the Retail Quarter since the start of the credit crunch.
They also say there is insufficient information about financial arrangements relating to the Retail Quarter itself and its relation to other parts of the Grid project.
On the lease, the council says that in retaining the site freehold local people will have a future influence how “this important part of the city is improved and developed”, and that a 250-year lease “is fairly standard in developments of this size”.
The Masterplan was a long-term vision for a regional shopping centre and “should not be determined in the context of a comparatively transient issue like the credit crunch”, said the council. Detailed financial information about the council’s negotiating position had been available to councillors.
