AIM-listed property firm Oak Holdings has announced it has signed the development agreement with Rotherham council for its £390m YES! project.
Oak plans to develop a 1.2m sq ft mixed-use leisure and entertainment based resort, activity and conference destination on a 327-acre site in
The signing of the agreement, which contains the terms for a 250-year-lease of the development site, follows its approval by the cabinet of Rotherham council on 30 July and a seven day call-in period, during which a councillor could have asked for the cabinet’s decision to be reconsidered.
The site has also been accepted on the list of potential 2012 Olympic training venues. The scheme includes an Olympic-standard white-water kayaking course.
Chief executive of Oak, Steve Lewis, said: “Today’s signing formalises the cabinet’s approval and concludes the statutory approval process. Oak can now move confidently towards gaining tenant commitment.
“The opportunities this regeneration of a former coalfield brings to the region are substantial.”
Work is expected to start around the end of this year and by completed by 2012.
