Multi-million pound regeneration scheme approved
- Credit: Archant
A project which has regenerated millions of pounds of disused council land will continue for five more years.
The 2021-26 business plan for the Breckland Bridge Partnership, a collaboration between Breckland Council and private developer Land Group LLP, was approved at a Breckland cabinet meeting on Tuesday.
The scheme first came about in 2015, intending to transform disused council land and properties into homes and other facilities.
It saw the creation of the £8m Thetford Riverside leisure complex, which brought a new cinema, hotel, gym and restaurant to the town.
The scheme has also delivered 15 homes in Mileham and, more recently, another 10 in Attleborough.
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A report to the cabinet said: “For this latest scheme all the new homes are now sold and due to demand in the market and careful financial planning the scheme overall has exceeded both the anticipated marketing values and the shareholder approved values.”
Several sites have been identified for future development, including 45 homes in Gaymer Close, Banham, and 36 in Chapel Street, Shipdham.
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The report said the council could expect cash returns of £2-3million over the next five to six years, and the council benefits from turning surplus land into more valuable assets.
Councillor Paul Hewett, the cabinet member for contracts and assets, said the numbers were estimates, but past projects had over-delivered.
Councillor Bill Borrett said he was pleased to support the plan, calling it “forward-thinking” and said it allowed the council to deliver in places where developers would not take the risk.
“It’s also produced valuable assets and rental income streams which we can use to support our services and keep down council tax,” he said.
“I think this is an excellent project - it continues to deliver above expectations and I heartily recommend that the project is [continued]. Breckland has only benefitted from it.”
The cabinet unanimously approved the business plan.