A joint venture between Cordwell Property Group and Peveril Securities has been selected as the preferred development partner for the Royal Arcade site in Crewe town centre.
Cheshire East Council launched a competition for the £25m scheme in March 2016. Post-tender discussions to finalise the terms of the deal are now being undertaken, with the expectation that a formalised development agreement will be brought to the council’s cabinet for consideration in September.
Cordwell is based in Worcestershire, while Peveril is the development arm of Derbyshire-headquartered construction group Bowmer & Kirkland.
William Warrack, managing director of Cordwell Property Group, said: “Our proposal is for a mixed-use leisure and retail scheme, supported by a 450-space multi-storey car park and a new bus station.
“It will offer more than 90,000 sqft of retail space in addition to an eight-screen cinema, gym and five restaurant units. They will be housed in a cutting-edge setting designed to stimulate pedestrian flows through a regenerated town centre.”
He added: “Our letting agents, Colliers, Knight Frank and New Street Commercial, are already in discussions with a leading cinema and gym operator together with a major household name retailer to anchor the scheme.”
The site occupied a 4.57-acre island site in the town centre. There is no consent in place, so the scheme remains subject to planning approval by the council’s strategic planning committee.
Cllr Don Stockton, Cheshire East’s cabinet member for regeneration, said: “We are focusing much of our energy in Crewe on the redevelopment of the Royal Arcade site as this will be the most important aspect of the town centre’s regeneration.
“This follows on from the success of Crewe Lifestyle Centre and Crewe University Technical College. However, we are mindful that there is much more that needs to be done and are developing plans for wider town centre regeneration, including options for the future of Crewe’s markets and new public realm.”
Stockton said that the emerging plans for the Crewe masterplan will be published and consulted on later in the summer.