Mt Crushmore developer goes into receivership

10:36am Wednesday 11th June 2008

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THE DEVELOPER responsible for regenerating the former Tesco site in Trowbridge has gone into receivership, according to the district council.

West Wiltshire District Council said today it understands that Thiyan Investment Ltd, owners of St Stephen's Place and Castle Place in Trowbridge, has been taken into receivership.

The news comes after the district council took initial steps to complete a compulsory purchase order of the site, which has amounted to nothing more than a pile of rubble, nicknamed Mount Crushmore by locals.

Planning permission has been granted for bars, a gym and shops, but a legal agreement over the transfer of ownership of the multi-storey car park proved to be a sticking point.

Council leader Cllr Graham Payne said: "We have become increasingly frustrated at the lack of plans put forward by Thiyan outlining how they intend to develop this site. This is despite our best efforts to get them to bring forward a scheme.

"We have recently agreed to proceed with a Compulsory Purchase Order on these sites. This is not a move that we took lightly, although we felt it was the only way to push things on.

"We will now be looking for another developer with the real intentions of getting development on site as soon as is practically possible."

Ian Gallin, acting chief executive, has confirmed West Wiltshire District Council has secured an early meeting with the agent acting on the receivership.

He said: "We will be looking to work constructively and positively with them to ensure that potential new owners are able to bring forward an effective set of proposals for the regeneration of this site that will be of benefit to Trowbridge.

"Council officers will impress upon the agents the need to quickly remove the pile of rubble known locally as Mount Crushmore. We will also be looking at the possibility of retaining the car park for some use during the regeneration process.

"The council recognises, however, that this will be subject to detailed negotiations."

Cllr Michael Mounde, economic development and planning portfolio holder, said: "The whole Transforming Trowbridge project has had some positive major developments recently which will allow work to start very soon.

"I am hopeful that this news will allow us to proceed firstly with removing the eyesore that has blighted the town for too long, and secondly will bring in new owners who will look to get actively involved in the regeneration process."