Negotiations between two Somerset councils and Tesco have led to an agreed compensatory package, following the supermarket giant’s decision not to proceed with a development in the area.
Tesco decided in January not to build the proposed store at Northgate in Bridgwater.
In a statement Sedgemoor District Council, which negotiated alongside Somerset County Council with Tesco, said: “The terms of the agreement are confidential between the parties but include full recovery of the council's costs and retention of the land. Therefore, we cannot comment on the compensatory package beyond saying that all parties are satisfied.”
Sedgmoor said Northgate was a “hugely important” site to Bridgwater and Somerset CC.
It added that it had already started thinking about next steps. In the first instance the two local authorities will need to re-affirm with their members that they wish to dispose of the site, the statement said.
“Both authorities are committed to an outcome that is best for the site and the town, and which also fits with the financial and economic climate which is vastly different from that in 2008,” it added.
Further consultation is to be had with the public and key stakeholders, “taking account of the need to deliver any new project at no cost, apart from feasibility funds, to the council and with no ongoing cost implications”.
Sedgmoor said: “The timescale for delivering a positive outcome for the Northgate site will be submitted to both councils for approval. Fuller consultation will take place subsequently.”