BCP Council will NOT continue to buy Barclays House

BCP Council was initially given an exclusivity period by Barclays earlier in the year in order to complete a ‘tremendous’ amount of due diligence. 

But now council leader Drew Mellor has said he and the council will not be extending the exclusivity period or submitting a formal bid for the site. 

In a statement, Cllr Mellor said: “We agreed an exclusivity period with Barclays to complete detailed due diligence to fully understand the investment needed to bring the building back into use.  

Cllr Drew Mellor (Image: NQ)

“This valuable work has now concluded, and we have found that both the building and car park require a level of refurbishment and/or rebuilding which would not fit in with our intended plans – especially with reference to the car park.  

“We will therefore not be extending the exclusivity period or submitting a formal bid for the site, which will allow other interested parties to continue dialogue with the owners about their bids and plans.” 

BCP Council said it was to spend £195,000 carrying out due diligence on the purchase which, in a report by BCP's chief financial officer Adam Richens, would provide a “sufficient level of assurance” to allow the council to consider its purchase. 

It is unclear how much BCP Council spent in the end. 

Barclays House

Cllr Mellor added the opportunity to purchase Barclays House was “one we had to explore”, adding: “We remain committed to the regeneration of Poole and will continue to support wider regeneration in the area, working closely with whoever takes on the task of revitalising this critical piece of the jigsaw of Poole’s future.” 

The council put in an ‘indicative’ and unconfirmed figure of £17 million for Barclays’ Poole estate, which includes a 1,100-space care park – a figure which was “calculated on the limited information available at the time.” 

The bid was significantly higher than local property developer Richard Carr’s £6.5 million bid for the estate. 

The news came as a surprise to councillors, with many saying they only learnt of the bid through the Echo. 

Barclays has declined to comment on the latest development, but did confirm there are a number of interested parties in talks to purchase their Poole estate.