Poole is set for a major boost following a decision by councillors to approve multi-million pound investment proposals for the town centre.
Councillors unanimously agreed plans to restructure leasehold arrangements with LGIM Real Assets (L&G) for the Dolphin Shopping Centre, Towngate Square and Kingland Crescent.
The plans will see L&G and the council invest into Poole’s town centre to improve the retail and leisure offer.
The council has been working closely with L&G over recent months to develop the terms of a new 150 year lease for the Dolphin Centre, Towngate Square and Kingland Crescent.
Under the terms of the restructured lease, L&G is planning to invest around £7.7 million to improve Falkland Square and Kingland Crescent. The council will also fund £1.5 million of further improvements to car parking facilities at the Dolphin Shopping Centre.
Cllr Ian Potter, Cabinet Portfolio Holder for Planning and Regeneration, Borough of Poole, said: “The council is ambitious for Poole and wants to create a vibrant town centre we can all be proud of. The Dolphin Centre, Towngate Square and Kingland Crescent are central to the council’s plans for the long-term future and prosperity of the town centre.
“We have worked closely with our partners at LGIM Real Assets (L&G) over recent months to develop an exciting proposal that reflects our shared ambition for the town centre.
“As part of this proposal, L&G and the council are looking to invest into our town centre to improve the retail and leisure offering as well as providing a catalyst for future investment.”
“Regenerating the Town Centre North area is a priority for both the council and residents of Poole. This agreement will improve the retail and leisure offering in the town centre and provide the catalyst for future investment. It not only represents a vote of confidence in Poole town centre but a good deal for local council taxpayers too."
Mark Russell, Fund Manager at L&G added: “Our investment into the Dolphin Shopping Centre will help regenerate Poole town centre and provide it with a significantly improved retail and leisure offering. We look forward to working with the Council to carry out these exciting new plans and we hope to be making further announcements on our ambitions shortly.”