A new approach to redeveloping Newbury’s London Road Industrial Estate (LRIE) area suggests wrapping the scheme into the Newbury Town Centre Masterplan.
The Liberal Democrat administration put the Faraday Road site back into sports playing field use – kicking any plans to develop that area of the LRIE commercially, into touch.
Now regeneration of site now known as the Bond Riverside estate will come under the same project as moves to pedestrianise Newbury town centre.
(The site was renamed Bond Riverside in 2023 following a district wide school competition, based on a suggestion by the winning team from Newbury College.)
The original programme had a capital budget of £867,500 to make improvements to the site, buy-back leases, finance outline planning applications and cover capital staff costs.
To date, £232,871 has been spent on consultants and staff costs.
The capital budget approved by the council in March 2024 removed £300,000.
In addition to the council capital funding, £375,000 of capital grant funding was provided by the Thames Valley Local Enterprise Partnership for environmental improvements works, in the form of sustainable drainage infrastructure on Faraday Road.
This project is due to be completed by June 2024.
There are significant property implications in the council’s aspirations for Bond Riverside sites.
The council owns the freehold of the land which forms the Bond Riverside site, however the majority of it is under leasehold of a variety of tenures.
There are 26 defined plots on the site, of which 22 are under separate leasehold.
This means that the only land currently under direct council control are the ‘Depot’ site and Faraday Road sports ground.
The Depot site is being reviewed as part of the council’s accommodation review.
The Gateway Plaza site, which is under leasehold, is being marketed by the leaseholder in collaboration with the council to find a developer to regenerate the site.
The sports pitch on Faraday Road has been restored for use by local people and teams, as of October 2023.
The administration has a long-term aspiration for provision of enhanced sports and leisure facilities on this site, however the scope of what that project may become, and its timeline, has not yet been identified.
There is a playing pitch strategy currently under way, but that is not due for report stage until spring 2025.
The review could include the reconfiguration and disposal of leases on land which it currently controls and potential buy back of certain leases as well as discussions and negotiations with existing leaseholders on lease extensions and rent levels.
