Vale of White Horse District Council
Abbey House, Abbey Close,
Abingdon, OX14 3JE
Email: comments@whitehorsedc.gov.uk
Telephone: 01235 520202

Vale of White Horse District Council

New look for Abingdon town centre

Bury Street Precinct in Abingdon town centre will get a long overdue facelift now that contracts have been exchanged between the Vale of White Horse District Council and Threadneedle Properties.

The deal, which has taken many years to negotiate, means that Threadneedle is required to start work on a new look for the site with a planning application within the next four months, followed by the refurbishment itself within the next 24 months.

Under the deal the Council and Threadneedle have a new financial partnership which means they share future risk and reward. The Council will continue to receive at least its current level of income from the precinct until 2011.

Cllr Jerry Patterson, Leader of the Council, said: "After years of negotiating we can finally look forward to a new look at the heart of Abingdon.

"The deal represents a sound investment for council tax payers across the Vale, providing a good financial return as well as generating a fresher look for the precinct, which will make certain Abingdon continues to be a real market town people will enjoy visiting.

“Promoting town centre vitality is one of the Council’s aims. There is already progress on this with the Limborough Road development in Wantage and this deal means we can make real progress in Abingdon and strengthen the economy of the town.

"Negotiations were very complex due to the nature of the site and we had to be careful to ensure the best deal for the Vale. In turn, Threadneedle wanted to secure the best deal for its investors, so it has taken time to sort out every detail. Officers are to be congratulated for bringing negotiations to such a successful conclusion."

Under the deal the Council will own the freehold on the former Queen’s Hotel, the corner site of the precinct currently owned by Threadneedle which includes the coffee shop. This means that the entire precinct and service yards are in Council ownership for the first time.

Threadneedle has surrendered its existing 99 year lease, due to run for another 62 years, but this has been replaced with a new 150 year lease. If Threadneedle fails to start the refurbishment scheme within the 24 month period the deal is off. It is anticipated the refurbishment scheme will cost at least £1.7million.