ING Real Estate, the Dutch bank behind long-awaited plans for the retail regeneration of the Northgate area of Chester city centre, is days away from naming its development partner for the pivotal project.
The 50% partner will hopefully kick-start the development – the largest on the books in Chester – that has been put back repeatedly as ING rescued its own finances. The Dutch Government injected €10bn to save the bank from collapse in October.
The original planning consent granted for Northgate in 2003 will be ripped up and fresh plans drawn up with the new partner. ING said it remains committed to the 500,000 sq ft scheme behind the Town Hall, anchored by House of Fraser. The scheme was initially due on site in 2007.
The deal with the unnamed developer has been agreed in principle and is in advanced legal discussions before being signed and revealed.