Contracts to enable £40 million of regeneration activity in Bournemouth town centre have been signed today.
The agreements mean The Bournemouth Development Company, a public-private partnership between Bournemouth Borough Council and Morgan Sindall Investments, can begin redeveloping two council-owned surface car parks at Leyton Mount and Madeira Road.
Central government funding has been secured through a loan from the Homes and Community Agency towards the financing of a five-storey block of 64 apartments at Leyton Mount together with a 290 sq m (3,120 sq ft) commercial unit suitable for a café or restaurant.
Separately, the partnership has concluded a deal with a blue-chip pension fund which will meet the development costs of three blocks of student accommodation on part of the nearby Madeira Road car park. The blocks will house 378 students for the Arts University Bournemouth.
A new 382-space multi-storey public car park will also be provided at Madeira Road to ensure that the provision of public parking is maintained.
Duncan Johnston of The Bournemouth Development Company, said: “Today’s contract signings mean we are now clear to start work on the ground which is fantastic news for Bournemouth. As a long-term regeneration partnership our goal is to develop and deliver attractive high-quality projects which boost trade, increase vibrancy and generate income for further investment.”
Councillor John Beesley, Leader of Bournemouth Council, said: “We are delighted that, through The Bournemouth Development Company, we can deliver the Town Centre Vision. These developments mark the positive action being taken to regenerate our town, boost our economy and make Bournemouth a premier destination to live in and visit. Development at Leyton Mount and Madeira Road will increase the numbers of people living in this currently underused part of the town as well as help to generate more trade for local businesses.”
Site clearance has already begun, with further site set-up and enabling groundworks continuing ahead of the main programme of construction.
Welcomed by both the police and the Chamber of Trade, the Leyton Mount development is expected to rejuvenate Old Christchurch Road and improve safety at Horseshoe Common.
Leyton Mount and Madeira Road will be the first partnership developments to be delivered, following consultation, public exhibitions and the grant of planning permission in autumn 2012.
Altogether, 17 sites have been earmarked for potential regeneration by The Bournemouth Development Company.
Profits from each development will enable the achievement of the Town Centre Vision through a continuing chain. A share of the profits will be reinvested in new sites, infrastructure and open spaces.
