Conservative Leader Claims Pembrokeshire Council’s Western Quayside Redevelopment Will Take Over a Century to Recoup Costs
Pembrokeshire County Council’s investment in the Western Quayside redevelopment of Haverfordwest will take well over a century to recover costs, the leader of its Conservative group has claimed.
The food market development on the site of the town’s old Ocky White’s department store is expected to be opened next summer.
The three-storey riverside building, a key part of Pembrokeshire County Council’s regeneration of the county town, hit the headlines last year with the unexpected discovery of hundreds of human remains.
A call recently went out for any businesses interested in taking spaces at the development to come forth, with a closing date of November 30.
At the time of the call, Cllr Paul Miller, Deputy Leader of the council and Cabinet Member for Place, the Region and Climate Change, said: “We are extremely pleased with the number and calibre of businesses that have already been in touch about Western Quayside.”
He added: “Western Quayside, taken together with the other investments in the town will have a significant positive effect on the vibrancy and footfall of the town in the future.”
In her submitted question, ahead of the December 14 full council meeting, Tory group leader and Martletwy councillor Di Clements will say: “EJ Hales recently published that it anticipated an annual return of approximately £90,000 a year from renting out the entire floor space in the Western Quayside project.
“The cabinet’s most recent report has an approved budget for this project of £11.35 million.
“This means that without any interest, administration or repair costs, the project will take at least 126 years to recover the cost of the project.
“Therefore, my question to the Cabinet member for Place and the Region [Cllr Paul Miller] is, what is the estimated number of years that he forecasts it will take PCC to recoup its financial investment in the Western Quayside (Ocky White) project, inclusive of loan interest, admin fees, building repairs that are not covered in the tenancy agreements and any other costs associated with the upkeep of the building?”
A response to Cllr Clements’ question is expected at the December 14 meeting.
Spotted something? Got a story? Email News@News.Wales