Rotherham council has torn up its development agreement with Oak Holdings for the £350m YES leisure scheme in in the
In a stock market announcement, listed developer Oak said the council had served notice of it intention to terminate the agreement between
Oak entered into a preferred developer agreement with Rotherham in respect of a scheme that would have created one of the largest undercover leisure-based resort and convention centres in
A preferred developer agreement was finally signed in August 2008.
Oak said: “Since then, the global financial crisis and depressed property markets have resulted in Oak being unable to secure the funds needed to commence the development phase of the project.
“As a result of these challenges, and notwithstanding Oak’s renewed planning consent on the YES! Project, RMBC has taken the decision not to extend, and cancel the current development agreement.”
Oak said it would continue to manage the
Oak continues to own the freehold of the A57 land adjacent to the site of the YES Project – the consented access land.
It is also engaged in a consultancy project in the
The Board continues to believe that there are opportunities for the Company to grow and develop a viable property management and consultancy business.
paul.norman@estatesgazette.com
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