Development agreement signed on Swindon's iconic Oasis leisure centre

Swindon Borough Council has exchanged contracts with UK property developer SevenCapital on a new development agreement which will allow the developer to agree terms with a tenant to run the iconic facility and finalise plans to refurbish and reopen it.

Once the refurbishment works and lease have been completed, the Oasis and North Star sites would be sold to SevenCapital, with the Council having the option to purchase the refurbished Oasis.

As part of the development agreement, safeguards are in place to retain the swimming pool’s popular slides and a wave machine, while the lease to the tenant will also include a 10-year keep open clause.

It is anticipated a planning application for the Oasis will be submitted later this year.

Councillor Jim Robbins, Leader of Swindon Borough Council, said: “I am really pleased that after many months of working with SevenCapital we have delivered a deal which will not just see the Oasis reopened, but will preserve the famous dome, the wave machine and of course the fabulous slides that were synonymous with the facility for so many years. These were what local people said they cherished most about the leisure centre and we have made keeping them a priority.

“We have also inserted a buy-back option for the Oasis and a keep-open clause because it is vital we have safeguards in place to ensure what has happened previously does not happen again.

“We are closer than we have ever been to seeing the Oasis reopened for local people to enjoy once again and now the ball is firmly in SevenCapital’s court to agree a lease with a tenant and confirm the specifications that will give the Oasis a long-term sustainable future.

“I look forward to seeing the planning application coming forward later this year.”

Damien Siviter, Group Managing Director at SevenCapital added: “SevenCapital and Swindon Borough Council have a mutual goal of breathing new life into the Oasis for the community and future generations to enjoy.

“We’re delighted to have reached this agreement, which marks a positive step forward, and look forward to a continued close working partnership with the Council as we push ahead with our plans.”

The Oasis Leisure Centre has been closed for more than three years after its operator at the time, GLL, said the facility was losing money and needed capital investment following the first Covid-19 lockdown.

GLL subsequently surrendered its lease to the owner of the site, SevenCapital.

The following year, the Oasis was listed, significantly increasing the cost of bringing the building back into use.

The listing, coupled with leisure centre footfall remaining below pre-pandemic levels and the nationwide increase in energy costs, resulted in a significant shortfall between the cost of refurbishing the building and its value once works have been completed.