Search starts for £60m Oldham regeneration partners
COUNCIL bosses in Oldham have launched a search of a development partner for the £60m regeneration of its town centre.
A group of up to 40 property developers and potential investors have already attended an event organised by Oldham Council to attract participants in the scheme, which will see the transformation of Prince’s Gate at Oldham Mumps.
The mixed-use development will see 800 quality homes, around 700 car parking spaces at Oldham town centre’s eastern gateway with Marks & Spencer as the anchor tenant.
Prince’s Gate would also be the first opportunity to be delivered with the selected partner through a brand new development company – Greater Manchester investment vehicle – which would allow for other Greater Manchester sites to be added at a later stage.
The joint venture offers the chance to redevelop a number of other council-owned sites in Oldham suitable for residential and commercial, or mixed use, in the medium to long-term.
The investment vehicle will be the first joint venture of its kind set up for the wider devolved City Region, providing an efficient and a model for other local authorities to help get strategic and challenging regeneration schemes off the ground.
Oldham Counci leader Jim McMahon, said: “Prince’s Gate at Oldham Mumps is a fantastic opportunity to deliver our most ambitious scheme for the town centre since the 1980s and we’re delighted to start the process of finding our delivery partner.
“The process of selecting suitable development and investor partners can be time-consuming and costly involving Europe-wide advertising and professional advice.
“Given the spirit of working as a City Region we thought that we shouldn’t go through this process without allowing for other Greater Manchester councils to join at a later stage, potentially saving time and public money.”
The regeneration of Prince’s Gate will be in addition to other key projects which have been delivered or are under development.
These include the £36.7m conversion of the Grade II-listed Old Town Hall – built in 1841 – into a seven screen, 800-seat Odeon cinema due to open Summer 2016.
There is also the 23m investment in state-of-the-art leisure facilities in Royton and Oldham town centre due to open before the end of the year.
Some £25m has been invested in Oldham College to transform its campus. It comprises three modern buildings, including a £7m Learning Hub with 28 classrooms, the GM sponsored by the University of Bolton – a £9m development specialising in engineering and technical disciplines and a new £9m Digital Skills Centre dedicated to innovation and digital technology.
Meanwhile, Oldham is investing £1m in a comprehensive new package of support to help new and existing independent business to set up or grow their business in the Independent Quarter.
This includes building improvement grants, business support, flexible occupancy agreements, recruitment support and mentoring from experienced business people. Some 60 new businesses have been supported to in last 18 months.
A pre-qualification questionnaire has already been made to potential bidders interested in being involved in the plan and a dialogue is expected to take place with shortlisted candidates by March with tenders to be invited by April.
The preferred bidding partner will be selected in June 2016 with an agreement date targeted for July or August before a developer is formally appointed in September.
