agrees £1.4million deal for Highbridge Hotel redevelopment
plans to redevelop the Highbridge Hotel and former cattle market
site have taken a big step forward this week with the agreement
of a £1.48million grant funding deal.
District Council's Executive has agreed to give a grant worth
£1,481,000 from its New Homes Bonus Fund to Knightstone
Housing Association to enable the construction of 59 homes on
the cattle market site.
Council has also agreed to enter into a "six year option
agreement" with Derek Mead, pictured, the current owner of
the Highbridge Hotel site. This agreement will secure the transfer
of the land into the Council's ownership for a nominal fee of
council report states: "After lengthy discussions and negotiations,
terms have been agreed to bring forward the development of both
the Highbridge Hotel site and former Cattle Market site adjoining."
order to bring forward the development of 59 affordable family
housing units on the land of the former Cattle Market and facilitate
the refurbishment and redevelopment of the Highbridge Hotel site
Sedgemoor District Council has agreed to grant fund the scheme
in the sum of £1,481,000 for the provision of social housing."
addition there is a need to lift the restrictive covenant (previously
valued at £100,000) currently on part of the site. In order
to secure the hotel land for the future use of the proposed YMCA
development Sedgemoor District Council will also enter into a
6 year option agreement with the current owner of the hotel site
to secure that land for nil cost and therefore facilitate the
redevelopment of this land mark building."
report adds: "The nature of an option is that there is no
compulsion on the Council to exercise it but it does allow a period
of time to develop a scheme with a partner with the full knowledge
that the site can be acquired for £1.00 at any time during
the 6 year period. In the meantime, of course, the partners will
continue with on-going discussions to bring the project forward
Hotel has been derelict since a huge
blaze occurred in April 2008 and several other smaller blazes
and negotiations about its future have been ongoing ever since.
week's report notes that the grant to Knightstone Housing Association
will facilitate the delivery of 59 affordable housing units and
that delegated authority was granted to negotiate the grant of
up to £1.5million at the full council meeting on 18th July.
council spokesperson said: "This is a very positive opportunity
to redevelop and enhance what has been an eye-sore for many years.
The council has already committed its support to the project enabling
significant inward investment of
funding from other partners."
How the redeveloped Highbridge Hotel development will look, how
it looks today and, above the huge blaze in 2008