Developer given extra time to deliver Locarno redevelopment
A developer has been given additional time to rejuvenate an important Old Town landmark after Swindon Borough Council agreed to vary the terms of a development agreement.Published: Tuesday, 16th October 2018
In November 2016, the Council entered into a development agreement with the owner of the Locarno building, local businessman Gael Mackenzie, and Swindon Corn Exchange Limited led by Steve Rosier, to turn Swindon’s Corn Exchange and Old Town Hall buildings, better known locally as The Locarno, into apartments, restaurants and high quality office space.
The Council owns two parcels of land around the outside of the Locarno which are used as car parks and wants to encourage the site to be regenerated as a key priority.
Although progress has been made on the design, it has become clear that two years later, Swindon Corn Exchange Limited will not be able to deliver the scheme to the agreed dates. After intensive negotiations over the summer, the Council and developer have agreed to extend the planning deadlines, so the developer has a final opportunity to deliver on the commitments made for this important regeneration scheme.
Councillor Dale Heenan, Swindon Borough Council’s Cabinet Member for the Town Centre, said: “The Locarno is an important part of the town’s heritage and I am determined to see some progress on the site so that it becomes a thriving hub for people in Old Town, and not the eyesore of the last 30 years. We must find a way to make this scheme happen and for visible progress to be made on site.
“Everyone has been working hard but there comes a time when you need to draw a line in the sand and we have reached that point.
“I want to give Swindon Corn Exchange Limited every chance to deliver on its commitments, and I fully support providing more time but only if some conditions are met first. This is good due diligence from the Council.”