ECF nears development deal in Northampton
English Cities Fund has signed a development management agreement with West Northamptonshire Council to regenerate the Greyfriars area of Northampton town centre.
ECF, a joint venture between Legal & General, Homes England and Muse, was picked as the preferred partner in September last year. The deal is expected to accelerate the existing work exploring planning, delivery and funding options for the site, and underpins the commitment to sign a formal development agreement by summer 2025.
The Greyfriars regeneration area totals 25 acres and includes the former Greyfriars Bus Station, which was demolished in 2015, as well as the Mayorhold and Victoria Street Car Parks, Corn Exchange, Belgrave House, and East and West Islands.
English Cities Fund has signed a development management agreement with West Northamptonshire Council to regenerate the Greyfriars area of Northampton town centre.
ECF, a joint venture between Legal & General, Homes England and Muse, was picked as the preferred partner in September last year. The deal is expected to accelerate the existing work exploring planning, delivery and funding options for the site, and underpins the commitment to sign a formal development agreement by summer 2025.
The Greyfriars regeneration area totals 25 acres and includes the former Greyfriars Bus Station, which was demolished in 2015, as well as the Mayorhold and Victoria Street Car Parks, Corn Exchange, Belgrave House, and East and West Islands.
The partners are seeking to reimagine several derelict buildings with new uses, which are expected to generate £1bn in economic value. The vision for the site features new homes alongside shops, cafes and restaurants.
The Corn Exchange will form an arts and culture hub, while Belgrave House provides opportunities for an innovative workplace and business incubator. The regeneration will also include a new outdoor amphitheatre to anchor landmark new public spaces.
Dan Lister, cabinet member for local economy, culture and leisure at West Northamptonshire Council, said: “The vision we have for Greyfriars is ambitious and transformative and, with ECF’s expertise, we are confident in delivering a project that will drive economic growth, create jobs and enhance the cultural offering for community.”
Maggie Grogan, managing director for the Midlands at ECF, said: “We see clearly the opportunity Greyfriars presents and have made real progress. Entering a development management services agreement will accelerate our work and further strengthens our approach.”
