The council has parted ways with Beijing Construction Engineering Group International and Granite Turner and is seeking new developers for its Crompton Place, Trinity Gateway and Le Mans Crescent projects.
Bolton said it aimed to appoint new developers as early as December.
Subplot reported in August that Bolton Council was looking to end its arrangement with Bolton Regeneration, a joint venture between BCEGI and Granite Turner. The JV was meant to deliver the mixed-use Crompton Place Shopping Centre revamp, bringing in a hotel, 150 homes and 113,000 sq ft of office space. According to Deloitte’s Bolton Town Centre: Investor Prospectus report from June 2020, the gross development value for Crompton Place is £175m.
Granite Turner, formerly known as Midia, had also secured contracts on its own to develop the council’s £40m Trinity Gateway project, which would have a 20-storey tower with 144 apartments and a six-storey building with 41,000 sq ft of office space. Granite Turner was also to deliver the £33m Le Mans Crescent, which would convert the courts into a boutique hotel.
All three schemes were part of Bolton’s £1bn regeneration masterplan, which was launched in 2017.
A “mutual agreement” was reached with BCEGI and Granite Turner to surrender their options agreements on the projects, according to the council.
The new developers will be able to start quickly, as the council owns the intellectual property assets of the previous plans, including the designs, consents, warranties and more.
“Although re-procuring development partners will extend the development process, removing all option agreements gives us a much better chance of securing a levelling up fund grant from government,” said Cllr Martyn Cox, the leader of Bolton Council.
“The work already undertaken in relation to these projects means the new developers will start from a more advanced stage than would normally be the case and will therefore be in a position to start construction as soon as possible,” he continued.
Developers will be found using the Pagabo Procurement Framework. JLL is assisting the council in the process.