Bank agrees to move
A HIGHSTREET bank that has opposed the buy-out of a doomed shopping centre has struck an agreement to move, according to a council leader.
Barclays joined B&M in opposing Stockton Council’s compulsory purchase of the Castlegate Centre, which is undergoing demolition at the moment. However the authority’s latest cabinet meeting heard how agreement had now been reached with the bank.
Leaders want to create an ambitious riverside park in the heart of Stockton in 2025 by knocking down the shopping centre and former Swallow Hotel. A new replacement leisure centre for Splash, NHS facilities and office spaces have also been lined up.
Barclays and B&M had objected to the compulsory purchase order (CPO) of the Castlegate, with hearings still scheduled for August.
However, council finance and regeneration chief Garry Cummings told leaders an agreement had been reached with Barclays ahead of the hearings.
Planning documents lodged last year showed Barclays already had thoughts on moving across the street to Wellington Square.
The bank secured permission for signs in number 21 to 23 in the council-owned shopping precinct last September. After the meeting, Stockton Council leader Cllr Bob Cook confirmed they had come to an agreement with Barclays.
He added: “They are moving into Wellington Square – they’ve (the units) been marked out for a while. We’re working with B&M to reach an agreement as well.”
Barclays has declined to comment on any move from the Castlegate for the time being.
Council papers also showed Wellington Square was now seeing a footfall 10-15% higher than at the same point in 2019, with vacancy rates in the centre around 10% once relocations are complete.
Work has also been ongoing at the former H&M store with efforts to break it down into six smaller ground floor retail units and turning the first floor into an employment and training hub. The cabinet also backed a fresh bid for its ambitions to overhaul the western precinct of Billingham town centre, with a £20m request to the Levelling Up Fund.
The Tees Valley Combined Authority’s (TVCA) investment plan approved last Friday included £10m for the council’s Billingham ambitions.