The council’s cabinet formally approved the 50:50 joint venture at its meeting on 13 October.
Together, Bury Council and Muse Developments will draft a masterplan to revitalise Prestwich, adding a community hub, complete with a library, fitness suite and performance area. The regeneration scheme is made possible thanks to Bury Council’s purchase of the Longfield Shopping Centre in August. The JV plans to start on site in 2023.
The joint venture will focus on sustainability as well, crafting a plan that encourages walking and cycling and uses sustainable technology for heat and power. The regeneration scheme will also include additional public spaces, which will naturally improve biodiversity.
David Burkinshaw, development director at Muse, said his team was “keen to start working up proposals on this fantastic opportunity”.
“Our approach to repurposing Prestwich Village will be to create an inclusive, connected and sustainable scheme that will enable Prestwich to thrive and prosper in the long term,” Burkinshaw added later.
Revamping Prestwich fits in with the goals of Bury Council, according to council leader Cllr Eamonn O’Brien.
“The regeneration of our town centres is a crucial part of our strategy to make sure all areas of our borough can flourish for generations to come,” O’Brien said.
“This is the biggest single investment we have ever put into Prestwich as we are determined to transform the town and bring about much-needed improvement for the benefit of residents, businesses and visitors,” he continued.
“By signing this agreement, we will be taking another clear step towards the delivery of our ambitions for Prestwich regeneration.”
Addleshaw Goddard provided legal advice to the council on the creation of the joint venture.
This is far from the first regeneration project for Muse, which is part of Morgan Sindall Group. Muse is the developer behind the £650m Salford Central project, which combines both New Bailey and Chapel Street schemes, the £145m Stockport Exchange development, and £150m St Paul’s Square project in Liverpool. As part of Wirral Growth Company, a joint venture with Wirral Council, Muse is also leading on the £75m Birkenhead town centre masterplan.