Bradford Council leader Stephen Place has admitted he understated the value of one of the city’s flagship regeneration projects by around £2 million during his first leader’s report to councillors.
Cllr Place, who leads the Reform UK administration, used the meeting earlier this month to criticise a number of projects inherited from the previous Labour leadership, including One City Park. The Grade A office development, built on the former Tyrls police station site, cost £32 million to deliver and is currently occupied in part by professional services firm PwC.
Addressing councillors, Cllr Place claimed the building was now worth just £7 million, describing the project as an example of “staggering” decision-making. He said: “An office block built at a cost of £32 million, that four years later is worth £7 million, is still only part occupied and costing the people of Bradford circa £800,000 a year in lost revenue and interest.”
However, after the meeting, Cllr Place clarified that the latest independent valuation placed the building’s value at £9,095,441.
Responding to questions, he said: “The independent Montague Evans valuation of One City Park included in the Council accounts for 2025/26 of £9,095,441 would be a more suitable figure to use at this time. I appreciate the opportunity to set the record straight on this factual issue.”
It remains unclear where the £7 million figure quoted during the meeting originated.
One City Park has been one of Bradford’s most significant regeneration schemes in recent years. The council argued the development was needed because the city lacked modern Grade A office space, with no major office development having been completed for around two decades.
PwC became the building’s anchor tenant in 2024, occupying roughly half of the available office space and bringing around 200 staff to the city centre. The company has previously said it expects that number to grow to 500.
Despite attracting the international firm, around half of the building remains vacant. Earlier this year, councillors were told discussions were taking place with a prospective tenant, although no agreement has since been announced.
Funding for the scheme included more than £25 million through council borrowing alongside a £7.5 million Levelling Up Fund grant awarded by the then Conservative government.
The funding was announced in 2020 by former Housing Secretary Robert Jenrick as part of a national programme supporting “shovel-ready” regeneration projects. Jenrick has since defected to Reform UK.
