Issue - meetings

To note the appraisal of the current surface car park at Broadway Meadows, Wilmslow, for development as a Multi Storey Car Park and ancillary residential development, to support additional provision of car parking spaces.

The Committee considered the report which provided details of the appraisal of the current surface car part at  Broadway Meadows, Wilmslow, for the development of a Multi Storey Car Park and ancillary residential development, to support additional provision of car parking spaces.

The Council had published the Wilmslow Parking Strategy in February 2020 and a key recommendation was to examine the business case for creating a multi-decked car park at Broadway Meadows to provide additional long stay parking for Wilmslow. 

The existing surface car park had 272 spaces and was open seven days a week and allocated for long stay occupiers. Pre-pandemic there was high level of usage weekdays with the car park becoming full between 7 am and 9 am, which led to parking on the neighbouring streets.

A feasibility and market assessment were undertaken and the optimum size of a multi-storey car park was assessed to be 403 spaces, with an option to create additional value with some ancillary residential development on the site.  

However, the impact of the pandemic had seen a change in usage of the car park.   In 2021 the Council undertook an evaluation exercise and engaged with a contractor on construction, cost, design and delivery, with these being upgraded for inflation in 2022 and the financial sensitivity analysis progressed on multiple variations.  The Council would have to borrow the capital for the delivery of the car park, assessed at a total cost of circa £9.08m and it would only produce an additional 131 spaces. These additional spaces along with the predicted revenue from the present 272 spaces would not see any payback of the capital outlay and financial costs, therefore the viability of the business case was not demonstrated.

RESOLVED:  That the Committee

1          note that currently the financial viability of a new Multi Storey Car Park constructed on the existing surface car park has not been demonstrated.

2          note that a further review of viability will be undertaken in 12 months, and alternative options of funding delivery and potential alternative locations will be explored.