This week, Reigate and Banstead Borough Council has announced it is to provide funding for a new hotel as part of Redhill, Surrey’s extensive regeneration programme. The local authority will join forces with Aviva and Sainsbury’s in the revival of the Warwick Quadrant in the town centre.
Under the plans, Sainsbury’s and Aviva will demolish around 135,000 square feet of outdated office space in order to provide room for an expansion of the existing Sainsbury’s supermarket in the quadrant. The 68 bedroom hotel will be constructed on top of the extended structure, along with a state of the art gym, while additional car parking will be provided to cope with the increase in demand.
Executive Member for Property and Regeneration at Reigate and Banstead Bourough Council, Natalie Bramhall, says; “The Borough Council is committed to maximising our assets to move forward the regeneration of Redhill town centre – our investment will ensure this important element of the development can go ahead.
“Redhill really needs a hotel like this: it is an ambitious plan for the Council to invest in the hotel but the regeneration benefits of this development are significant.
“It will provide much needed accommodation for business people and visitors to the borough and help to boost the town’s evening economy. We’re confident that we will get a good return on our investment through the ongoing rental income and increase the value of the site in the longer term.”
Upon completion of the construction process, the hotel aspect of the site will be leased to Travelodge Hotels Ltd for an as yet undisclosed rental price. The Council is also yet to reveal the exact sum of its investment, but has confirmed that the funding will come from its capital reserves.
Planning permission for the site has already been secured, meaning that work can begin almost immediately – this is highly advantageous as a number of leisure and retail facilities will be opening in the area over the next few years, putting the Warwick Quadrant development slightly ahead of the game when it comes to timing. Furthermore, this provides good scope for the external public works to get underway, as the developers will also make improvements to the Borough Council’s Harlequin Theatre and Surrey Council’s library entranceways.
If successful the development will prove to be a good source of income and could provide a strong return for taxpayers.
