HCA Press Releases About Odeon Transfer Deal
The Homes and Communities Agency, current owners of the Odeon building, have issued two press releases this month concerning the current status of the transfer process to Bradford Council.
On 3rd March 2012, they issued an update which confirmed that they had received the request from Bradford Council to include a supporting finance package with the transfer of the building. The package of £4.1m to accompany the transfer of both the Odeon and Tyrls buildings to the Council includes £1.3m of funding to effect repairs to the Odeon including the repair of the culvert, repairs to the steelwork of the domes and the strip out of soft furnishings affected by dry rot.
Following our termination of the development agreement for the former Odeon, we offered the building to Bradford Council for a nominal fee plus holding costs to give them control of a major site in the city centre. That remains the current offer available to the Council.
However, the Council has since carried out due diligence investigations into the former Odeon, as well as the former police station, our other major site in the centre, and believes it needs £1.3m and £2.8m respectively to help prepare these two sites for potential development. The Council has asked us to consider the £4.1m investment as part of the transfer of both sites, which we are currently doing.
As the council agreed to accept transfer yesterday with the condition of this finance package being approved, the HCA issued another statement in order to update their progress on this decision:
Following their own due diligence, Bradford Council recently asked us to transfer both the former Odeon and police station buildings into their ownership with £4.1m in additional funding. The increased scale of the Council’s request – both the addition of another building and the significant increase in the funding the HCA would have to find the budget for – means a significant amount of work needs to be done to inform our investment committee so the request will be now considered in April, not March.
The decision was originally expected on March 14th but has been pushed back to allow the HCA to fully assess the request and complete their due diligence work. Bradford Council have kept Bradford One fully updated throughout the process and so we were already prepared for this delay.
Should the Council complete transfer of the building, they have expressed their intention to invite Expressions Of Interest for schemes that retain “all or part of the existing building”. Bradford One will be submitting an Expression Of Interest in this manner within the timetable that will be announced should the transfer be agreed, and we will be seeking transfer of the asset from the council to the community should our redevelopment bid be successful.
We would like to thank both Bradford Council and the HCA for their openness and transparency throughout the current decision making process and we look forward to continuing our work alongside both parties towards the next steps .
March 13, 2013 Latest News