A development agreement with Peveril Securities and Cordwell Property Group for the redevelopment of Crewe’s Royal Arcade is to go before Cheshire East Council’s next cabinet meeting.
The joint venture between Peveril, part of the Bowmer & Kirkland group, and Worcestershire-based Cordwell, which will be development manager on the scheme, was selected by Cheshire East in June.
The £48m scheme is expected to include an eight-screen cinema, gym, restaurants and shops along with a bus station and 450-space car park, both of which would be funded and owned by the council.
Cllr Don Stockton, Cheshire East’s cabinet member for regeneration, said: “It’s essential that Crewe becomes better-placed to benefit from all that HS2 can bring, as well as deliver the ambitious economic growth targets outlined in the emerging Constellation Growth Strategy for the sub-region.
“These plans will build on the £25m investment that has already been realised through the lifestyle centre and university technical college and we are confident that it will act as a catalyst for much more private sector investment in the future.”
The cabinet report for the meeting on 12 September seeks approval to invest almost £15m of council funding, alongside the allocation of £10m of funding from Cheshire & Warrington LEP, which the council hopes to secure later this month.
A further £23.6m of private sector investment will be drawn in for the commercial elements of the plans, the council said.
Cordwell’s sector experience includes Blackhall Yard in Kendal and working with Richardson Developments on Manchester’s Printworks. William Warrack, managing director of the firm, said: “Both Peveril Securities and ourselves have significant experience of delivering successful town centre regeneration schemes.
“Our discussions with commercial occupiers give us a great deal of confidence that we can successfully deliver this development for Crewe.
“Whilst Marks and Spencer have relocated to Grand Junction Retail Park, we are sure that we are on the right path to making sure that Crewe has a broader mix of uses that make it an attractive destination for more frequent and longer visits to the town centre.”
The M&S store in the town centre closed this week.
Subject to planning, the JV expects to start demolition work in summer 2018. The first build project will be the bus station. The project as a whole is expected to be open by Christmas 2020.
Proposals for the redevelopment of the Market Hall are being worked on with Crewe Town Council. The September Cabinet meeting will also see members asked to support the development of proposals for a history centre in the town.
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