Verbal update form Mohammed Mahroof, Head of Property and Estates
Minutes:
The Board received a verbal update from the Head of Property and Estates on the status of the incubation units in Baileys Square. This included an update on the number of units under offer, an overview of the marketing strategies being implemented and an explanation of the challenges that would need to be overcome.
The Board heard that, as a result of soft marketing, 5 of the units were currently under offer. The approach had since shifted to regional marketing which was being done through an agency. Members heard that the agency was in contact with a list of potential suitors, but no offers had come forward yet. In this context, members were updated on a timeline for replacing the executive marketeer should it be necessary.
The Board heard the unique challenges that town centre regeneration projects present. In this context, the vision for the types of businesses inhabiting Baileys Square was clarified. It was shared that the feedback from businesses implied that Clay Cross was not ready for investment yet. It was suggested that the next stage of marketing would focus on advertising the potential of Clay Cross. Members heard that the difficulties the programme was facing were normal at this stage of a town centre regeneration project, and there remained confidence that the right businesses would be attracted to Baileys Square.
The Board considered the update. It was highlighted that the regeneration project would benefit from being advertised at UK REiiF.
Some Members considered whether the right businesses were being approached to take up units in Baileys Square. The current vision was clarified as well as the different challenges when dealing with local and national businesses. In this context the Board discussed the vision for Clay Cross town centre and the types of businesses that would ideally take up residency. Some Members highlighted the need for a magnet business in Block A of Baileys Square. The prospect of opening below full occupation was considered. It was felt that this was preferable to accepting offers from businesses outside of the vision for the project.
The Board considered how Clay Cross should be sold as an area. Members discussed the aspects and draws of Clay Cross that needed to be stressed. It was shared that an information leaflet had been circulated to promote Clay Cross. The challenges of getting the message out were shared but it was clarified that marketing Clay Cross as an area remained a high priority. It was suggested that the rejuvenated Clay Cross Active would draw people to the area and that it would be useful to incentivise them to visit Baileys Square.
The Board considered the contract with the executive marketing agency. Some Members felt that the Council was best placed to market the project and that the contract should be reconsidered sooner than planned. The benefits of pairing with an executive marketing agency were discussed. It was suggested that the marketing agency came with a list of contacts that the Council could not match.
At the conclusion of the discussion, the Board agreed that the current strategy for filling the incubation units in Baileys Square was the correct one. Whilst it was appreciated that the project was facing difficulties in attracting the right businesses, it was felt that these challenges were expected in a town centre regeneration project and could be overcome.
RESOLVED –
That the Board noted the update.