Wolverhampton City Council is calling on developers, investors and occupiers to put forward ideas on how best to redevelop two key regeneration sites in the city centre.
The Council is conducting a soft market test to seek feedback from potential partners on options for the redevelopment of Westside and Southside.
Property consultants Bruton Knowles have been instructed to conduct and manage the project and to advise on future delivery options forsites, including developer procurement, land use options, viability, phasing and marketing.
Westside is the largest single mixed-use development opportunity in the city centre. Situated to the west of Wolverhampton’s core retail area, Westside, which is split into two separate sites, has a combined area of 2.98 hectares (7.36 acres). The majority of the land is owned by Wolverhampton City Council.
Southside is situated immediately adjacent to the city’s main shopping district and covers an area of 1.75 hectares (4.34 acres).
Plans to bring forward the sites for regeneration form part of the City Centre Prospectus, which was launched in July 2012. The Prospectus sets out the Council’s aspirations to create one of the most successful city centres in the country, with a vibrant shopping and retail experience supported by a distinctive cultural offer, a dynamic university, easy traffic and pedestrian movement and the provision of high quality offices and homes.
More than £1 billion of public and private sector investment has already been committed to major regeneration projects in the city.
Sainsbury’s new £60 million superstore on Raglan Street is scheduled to open shortly, while the Mander Shopping Centre,which recently announced the capture of Debenhams,is also set to undergo an extensive refurbishment programme to attract further retailers into the city centre. Both Mander Investments and LCP, joint owners of the Wulfrun Centre, are also considering further investment in a leisure-led retail scheme.
Ian Mercer, partner and head of development consultancy at Bruton Knowles’ Birmingham office,said: “These development sites offer considerable potential to provide the catalyst for further investment in Wolverhampton city centre.These opportunities, combined with the recent investments made in schemes such as Interchange, i54, and Building Schools for the Future, to name but a few, highlights how proactive and successful the city has been during the recession and also what potential there is in Wolverhampton.
“The soft market testing represents an important early stage in the delivery of these key regeneration sites. The results will assist in determining the most effective way of packaging and releasing these sites to the market to maximise their impactparticularly in relation to the City Council’s economic regeneration ambitions, and the appropriate procurement route.
“We are therefore asking developers, investors and major land owners to participate in the exercise and in doing so help to shape the future of Wolverhampton city centre.”
Councillor Peter Bilson, Wolverhampton City Council’s Cabinet Member for Economic Prosperity and Regeneration, said: “We are already seeing developments happening in Westside and Southside, as well as the wider city centre.
“This is about building on the confidence that is now growing and attracting more inward investment to Wolverhampton.
“We have worked to prepare sites to ensure they are ready for redevelopment and will now ask potential developers and investors to share their ideas.
“By consulting with the private sector, it will give us a clearer understanding of what schemes are viable in these areas and can be delivered and which approaches will bring about the greatest regeneration benefits for the city.”