News that ASDA has pulled out from their proposed development at Pool should result in a rethink over development proposals and how they are funded.
PLANS to build a new supermarket and cinema at Carn Brea have been scrapped after retail giants ASDA pulled out of the scheme.
Cornwall Council had agreed to sell; the land needed for the development in November last year in order to release funds to refurbish the neighbouring leisure centre.
The sale price would also have paid for the re-location of the running track from the site to Redruth school.
This decision was dependent on a sale to the appointed developer Salmon Harvester properties. In turn, Salmon Harvester based their bid on securing a supermarket tenant for its scheme.
ASDA had been in negotiation with Salmon Harvester but has recently reviewed their strategy in common with many other supermarkets and have now confirmed that they no longer wish to proceed.
Alex Folkes, the Council’s Cabinet Member for Finance and Resources, said “We have seen several other examples of supermarkets changing their strategies recently, and unfortunately the Carn Brea site is no different. We will continue to monitor the market and whilst not expectant of an early solution the Council will continue to support ideas that help a trust with further investment in the area ”.
Comment The policy of funding one development by selling land has always been flawed. It leads to inappropriate developments – does Pool really need another supermarket? Funding for a refurbished leisure centre should come from sports funds not the sale of land!
We need a new approach – instead of depending on private developer led funding we need to use public funding and plan for the future not for a developers paradise.