Town’s £15m boost. Property firms last minute offer saves threatened project

Walton's town centre’s redevelopment plans have been boosted after a major property firm took over the project in an 11th hour deal.

The Herald reported last week that Shearer Property Group was on the verge of paying Frogmore developments £15m to take over the scheme. But London based O&H group made an undisclosed better offer just before pen was put to paper.

It sealed the deal after 24 hours of intense negotiations on Wednesday last week and now controls the destiny of the 360,000 sq ft site, off New Zealand Avenue.

O&H spokeswoman Annette Dalah said: "It is very exciting. O&H is committed to delivering in the shortest time possible, with the support of the council."

She claimed O&H had an impressive track record for major building projects. It is currently constructing 8,000 homes in Hampton, Peterborough, under a scheme which it believes is the largest private development in Europe.

O&H is also at the forefront of projects in Bedfordshire, Colchester and Hammersmith.
Frogmore bought the lease for the land in the mid-1990s and built the Sainsbury's store in November 2001. The firm subsequently shut down several shops which have been increasingly targeted by vandals.

It secured planning permission for a new shopping centre, health centre, library and 268 flats, including 67 affordable homes, earlier this year, but suffered a string of setbacks. O&H plans to stick to Frogmore's blueprint.

Frogmore's managing director Paul White said "We are delighted the scheme Walton has always wanted is a step closer. It is really good news for Walton."

After discovering Frogmore had sold, Walton Retail Guild chairman, Peter Myson said: Thank goodness for that. I'm utterly relieved to see that back of them."

Elmbridge Council's chief executive, Mike Lockwood, said the new developments were to be discussed at a full council meeting tonight (Wednesday). He added: "We look forward to working with O&H to take the long awaited scheme forward as quickly as possible."

Source: Walton and Weybridge Informer

Deal puts Centre right on track

The Walton town centre development looks to be back on track after a firm of developers stepped in to take over the project.

The company O&H have exchanged contracts for the leasehold of the site with Frogmore and look set to take on responsibility for phase two of the scheme, subject to council approval.
He news comes after speculation that another firm, Shearer Property Group, was in Negotiation with Frogmore over the lease.

Announcing the news, Paul White, managing director of Frogmore, said: “We are pleased to announce that we have exchanged contracts for the sale of our interest in the redevelopment of the town centre scheme to developers O&H.

“We are delighted that the scheme that Walton has wanted for so many years will now be a step closer to reality and we are grateful for the part that Elmbridge has played.”

O&H’s involvement is good news for the town, as the redevelopment has been dogged by a number of developers withdrawing their interest in the scheme. Plans for the project include a shopping centre, library and 268 flats, 25 per cent of which will be affordable housing.
The residential part of the new centre has proved the biggest stumbling block, with three companies including Barratts, pulling out of the running to build the new homes.

Chief executive of Elmbridge Council, Mike Lockwood, confirmed documents had been exchanged between Frogmore and O&H, but pointed out that the deal has not been fully completed.

“Things are happening very quickly,” he told the News and Mail. “The council will be consider it on Wednesday and we will give a fuller statement when we can. We hope things will progress very quickly.”

The deal is especially good news for Walton’s traders, who had grown increasingly dissatisfied with the lack of progress over the town centre, and had even sought legal advice, saying they felt betrayed by Elmbridge Council and Frogmore.

They said takings were down because fewer people were visiting Walton, perhaps discouraged by the run-down state of the old centre and the closure of the shops within the site.
This week, Peter Myson, chairman of the Walton Retail Guild, said he was delighted with the news.
“Frogmore are gone and I hope these new people just press on and get the thing built,” he said. “It would be upsetting if they had to go back in any way and alter the plans and the planning permission. But we won’t know that for a little while. But if they did have to, I would hope they would put some facilities in for the youth of my area.”

Mr Myson added: “It’s good news, but I do feel our council can take very little credit for the mess Walton has been left in during the interim.”

Source: Walton and Hersham News and Mail

New hope for town centre

Walton town centre’s rejuvenation could be back on track after a new company this week on the verge of signing a 1.5m deal to take on the project.

The company Shearer Property Group, is behind some of the grandest shopping centre developments in the country. If it signs the deal to take on the lease from the current developers Frogmore, the regeneration of the town centre could be a step nearer to reality after being dogged by years of setbacks.

The Shearer group is currently at the forefront of shopping developments in Bath and Cambridge at a cost of £400m. It was also behind schemes in Kent, Wimbledon, Crawley and Woking.

Elmbridge Council’s Chief Executive Mike Lockwood, urged caution because ‘nothing concrete’ has been agreed. But he said: “As soon as we have some news we will obviously let residents know.”

Frogmore secured planning permission in January to build a new shopping centre, health centre and library. Barratt’s were supposed to build an additional 268 flats, including 67 affordable homes, in partnership with Frogmore. However, the scheme suffered a series of setbacks after Barratt’s pulled out in February. Frogmore bought the lease for the land in the early 1990’s and built Sainsbury’s store, off New Zealand Avenue, in November 2001.

The firm shut down several stores under Phase One of the scheme which have remained vacant for months, triggering anger and frustration among local people. It never got to Phase Two and there have been rumours for some time it wanted to off-load the lease. No one from Frogmore was available for comment.

Chairman of the town’s Retail Guild, Peter Myson, of the Bookstore, High Street, said: “We are just keeping our fingers crossed. We would be glad to see the back of Frogmore.”

Although its not certain whether the new developers would stick to Frogmore’s plans for a shopping centre, health facilities and library, its main business is transforming town centre's.

Source: Walton, Weybridge and Hersham Herald.