Stoke local authority to become anchor tenant in its own scheme
STOKE-on-Trent City Council is hoping to stimulate interest in its Central Business District (CBD) scheme by taking the first 160,000 sq ft itself.
Councillors will be asked this week to approve a deal which will result in the council occupying Grade A offices at Genr8 Developments’ scheme in Hanley.
The plan is to deliver two new buildings extending to 140,000 sq ft of offices together with a new library and customer hub.
And discussions are currently ongoing with hotel operators who wish to take space (up to 120 bedrooms) in the first phase.
The first phase will have a value in the region of £40m and, it is hoped, will create the critical mass to firmly establish the CBD as a viable location for future private and public sector office requirements.
Councillor Mohammed Pervez, leader of Stoke-on-Trent City Council, said: “It is absolutely crucial that we breathe new life into our city centre which is currently underperforming. The Central Business District will be key to attracting new business into the city, which in turn will create jobs, our number one priority.
“We are very serious about this scheme and the city council will become the anchor tenant taking a proportion of the available office spaces. This will stimulate private sector confidence in the scheme and encourage inward investment.”
It is anticipated that, council approval permitting, works will commence in September with the first building being available for occupation in late 2014.
Mike Smith, Genr8 developments partner, said: “This decision represents a major step forward in the delivery of the Central Business District development. It will firmly establish Stoke-on-Trent as a viable option for both private and public sector office requirements given its strategic location. Crucially, it will be the catalyst that will spark the wider regeneration of the city.”
Genr8 Developments was appointed as Stoke-on-Trent City Council’s development partner in December 2010 and obtained outline planning consent in 2011 for 750,000 sq ft of mixed use development. The overall scheme could extend to a total of 1.25m sq ft over the next ten to 15 years.
