Leeds Tower Works sell-off bid to ease UK debt

[buffaloskinner]

This is disgraceful...YEP Published Date: 29 October 2010 By Mark HookhamMinisters have paved the way for the sell- off of one of Leeds's most significant industrial heritage landmarks to help pay off the nation's £109bn deficit.The government's long-awaited Local Growth White Paper set out how assets owned by the doomed Yorkshire Forward regeneration development agency will be "disposed".* Click here to watch latest YEP news and sport video reports.Over the last decade the agency has acquired a string of strategic sites for possible regeneration across Yorkshire.* Click here to view the YEP picture galleries of Leeds nostalgia.One of its key sites in Leeds is the iconic Tower Works in Holbeck Urban Village, where three listed chimney towers are being stabilised.Acquired by Yorkshire Forward in March 2005, the site is regarded as a pivotal gateway to the city centre, with its development programme providing 18,000 sq ft of office accommodation and community space.Yesterday's White Paper stressed there will be "no automatic presumption" in favour of handing over RDA assets to councils or successor public bodies.It also said that "national deficit reduction", "national policy aims" and "local ambitions/opportunity" will be considered when deciding what to do with the assets."The aim will be to achieve the best possible outcome for the region consistent with achieving value for the public purse," the White Paper said.Leeds West MP Rachel Reeves today said: "If these assets are flogged off while the economy remains fragile, we will not secure the maximum returns."A recent report by Yorkshire Forward chief executive Thea Stein said: "A fire sale would almost certainly capture a fraction of the assets' value when compared with a more programmed approach to the issue."Meanwhile, plans for creating a new economic body to help create jobs in the Leeds city region has been given the green light – despite mounting concerns from business chiefs.The Institute of Directors yesterday warned that it is "highly questionable" whether the government's fragmented network of Local Enterprise Partnerships (LEPs) will be effective.Business Secretary Vince Cable yesterday announced the creation of 24 LEPs to attract investors and promote businesses across England.The approved bodies included an LEP for the Leeds City Region, to be made up of business leaders and the council chiefs from 11 local authorities in Yorkshire.A White Paper said LEPs will help set out "key investment priorities", coordinate bids to the government's £1.4bn Regional Growth Fund and be involved in the government's new regional "growth hubs".However, Mr Cable confirmed LEPs will not have their own source of funding and will be forced to rely on money from cash-strapped councils and businesses.He told MPs: "The government is not providing them with a budget. That is not to say that the partners, the local authorities and businesses, cannot contribute to something that is in their interests."

[robontheroad]

Reeves really needs to think about which party caused the mess.. it wasn't the current incumbents it was her lot. In times like this if the books need to be balanced then so be it.. sell it off but only at the right price to maximise the monetary benefit for the tax payer

[Cardiarms]

If George Osborne hadn't just allowed Vodafone to skip a tax bill of between £4 and £6 billion (yes billion) I might agree with you.

[anthonydna]

They won't get a decent price for it. Someone will grab a bargain and sit on it for a few years. You never get a good price at a fire sale, interesting to see how many "tax payer" assets will be effectively given away over the next couple of years.

[tilly]

Cardiarms wrote: If George Osborne hadn't just allowed Vodafone to skip a tax bill of between £4 and £6 billion (yes billion) I might agree with you. I will bet they would not lot us skip four pounds in tax what the hell is wrong with this country? Does this mean Vodaphone are not making enough profit with there rip of phone charges this goes for all the big phone companys.    

[cnosni]

Cardiarms wrote: If George Osborne hadn't just allowed Vodafone to skip a tax bill of between £4 and £6 billion (yes billion) I might agree with you. What,have i missed something?Oh jeez,just looked on the web.Surely this cant be true,surely this isnt some abomination.Just think ,we could build another aircraft carrier without any aircraft for that much money.I can see bad signs for this government

[dogduke]

cnosni wrote: Cardiarms wrote: If George Osborne hadn't just allowed Vodafone to skip a tax bill of between £4 and £6 billion (yes billion) I might agree with you. What,have i missed something?Oh jeez,just looked on the web.Surely this cant be true,surely this isnt some abomination.Just think ,we could build another aircraft carrier without any aircraft for that much money.I can see bad signs for this government Private Eye has run this for the last 3 or 4 editions,possibly longereven as far back as pre election !Seems to be the head of HMRC who made the decision - not a very good previous track record by all accounts.Do you think the discrepancies over tax codes and family credit really matter by comparison ?

[raveydavey]

anthonydna wrote: They won't get a decent price for it. Someone will grab a bargain and sit on it for a few years. You never get a good price at a fire sale, interesting to see how many "tax payer" assets will be effectively given away over the next couple of years. Fire sale possibly being the appropriate phrase, especially with those listed towers in the middle of the plot. Wouldn't be the first time would it?What I'm at least equally concerned about is why a government agency (Yorkshire Forward) thought it would be appropriate to acquire the site in the first place, at the height of the boom, and then do nothing with it?Magnificent chimneys aside, Tower Works has been a dump for as long as I can remember and I fail to see why having the title rights to the site in semi-public hands changes anything.It's unlikely that planning would be given for anything that overshadows the chimneys and even in the current depressed property market the cost of the land is going to be such that the only viable build is going to be upwards. So if you can't build a tower block (be it more unwanted crash pads, or office space), what the heck do you put on there?    

[anthonydna]

Would make more sense as some kind of semi public space to me, a great site for a big wheel (bigger than the one in Sheffield of course!). Its a great link into Granary Wharf and the new Station entrance.

[cnosni]

anthonydna wrote: Would make more sense as some kind of semi public space to me, a great site for a big wheel (bigger than the one in Sheffield of course!). Its a great link into Granary Wharf and the new Station entrance. Well id agree with you there,that would be nice,especially with such space in this part of Leeds being non existant.I think its a bit short sighted to sell this off,the building of the south entrance to the train station (and from May the reduced average journey time by train to KX,just over 2 hours)will encourage further development of this neglected historic part of Leeds.Its value will rise when the right conditions return,and im sure that property developers will be aware of this.There is a hotel proposed for Globe Road-http://www.yorkshireeveningpost.co.uk/n ... 4.jptheand this WAS the proposal for Tower Workshttp://www.yorkshireeveningpost.co.uk/news/Mov ... .jptheWell perhaps as Yorkshire Forward have dithered for so long perhaps its development may be better off with people who can see the potential in this site