Northampton picks development partner for Greyfriars makeover
English Cities Fund has been tipped as preferred partner to help West Northamptonshire Council to deliver the regeneration of the Greyfriars area of Northampton.
The formal jv is subject to approvals and is expected to be signed by summer next year. Once established, ECF, a joint venture between Legal & General, Homes England and Muse, will be charged with planning, delivery and funding for the largest brownfield regeneration opportunity in the region.
The council is seeking to transform more than 14 acres, including the former bus station, Belgrave House, the Corn Exchange and Mayorhold multi-storey car park, into a vibrant neighbourhood. Plans, drafted by Studio Egret West, include new homes, shops and cafés, an arts hub and an outdoor amphitheatre.
English Cities Fund has been tipped as preferred partner to help West Northamptonshire Council to deliver the regeneration of the Greyfriars area of Northampton.
The formal jv is subject to approvals and is expected to be signed by summer next year. Once established, ECF, a joint venture between Legal & General, Homes England and Muse, will be charged with planning, delivery and funding for the largest brownfield regeneration opportunity in the region.
The council is seeking to transform more than 14 acres, including the former bus station, Belgrave House, the Corn Exchange and Mayorhold multi-storey car park, into a vibrant neighbourhood. Plans, drafted by Studio Egret West, include new homes, shops and cafés, an arts hub and an outdoor amphitheatre.
The project is expected to generate £1bn of economic value, create 7,000 jobs during construction and boost the local economy by £21m annually.
There are more than £25m of government-backed development projects immediately surrounding Greyfriars on three separate sites, including Market Square, the Abington Quarter and the Clock House key worker residential scheme.
Dan Lister, cabinet member for local economy, culture and leisure, said: “Transformational change is already underway across Northampton town centre… which demonstrates the council’s ambition but also its commitment to delivering better public spaces. This partnership is a step forward in our vision to regenerate the Greyfriars site into a vibrant neighbourhood which is set to amplify this part of town and turn this into a reality.”
Michael Lyons, chairman of ECF, said: “Greyfriars has the potential to drive significant social and economic value, and working together we can unlock the opportunity. Having expanded in size to £400m, ECF stands ready to collaborate with ambitious partners to deliver transformative regeneration.”
Image © Studio Egret West/West Northamptonshire Council
