THE SEARCH for a partner to deliver a ‘game-changer’ town centre regeneration scheme with Oldham Council has been launched.
The green light to start the selection process for a developer/investment partner for the ‘Prince’s Gate at Oldham Mumps’ project was given by the local authority’s Cabinet.
This development sets out to transform Oldham town centre’s eastern gateway with new shops and jobs, boasting Marks & Spencer (M&S) as its anchor retail tenant.
There will also be up to 800 quality homes and around 700 car parking spaces.
Prince’s Gate would also be the first opportunity to be delivered with the selected partner through a brand new development company which would allow for other Greater Manchester sites to be added at a later stage.
This joint venture offers the chance to redevelop a number of other council-owned sites in Oldham suitable for residential and commercial use, in the medium to long-term.
Jim McMahon, Oldham Council Leader, said: “Prince’s Gate is a fantastic opportunity to deliver our most ambitious scheme since the 1980s and we’re delighted to start the process of finding our delivery partner.
“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 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 joint venture investment vehicle we’re establishing is a great way of simplifying potential issues around procurement, council subsidies and state aid when looking at self-delivery of growth at key sites.
“It starts with a foundation ‘bank’ of projects worth in excess of £100 million in Oldham but will soon be rolled out as an opportunity to our neighbouring authorities.
“There are many benefits to getting involved– not least being the ability for councils to retain an interest and a say in the development of strategic sites.”
The Prince’s Gate at Oldham Mumps scheme seeks to capitalise on the town centre’s new Metrolink line and was unveiled in November 2014.
The phased development will deliver significant new retail space including a 150,000 sq ft glazed development, including a M&S food and clothing store.
The eastern gateway site masterplan would create up to 800 homes in a new neighbourhood with associated retail and leisure uses.
Councillor McMahon added: “These are exciting as we look much wider at how we can use this moment of devolution to deliver the new Oldham we’re determined to see.”
“Prince’s Gate at Oldham Mumps is a gateway site that has fantastic potential to capitalise on its location and proximity to our town centre Metrolink line.
“We’re excited about the opportunities this site holds for our future. We’ve already been on-site for several weeks and a planning application for the retail elements of the scheme was submitted in May.”
An independent economic analysis of the Prince’s Gate masterplan by AMION Consulting identified that it is expected to create more than 700 new jobs and could be worth up to £21 million per year to the local economy.
For more information about the Prince’s Gate at Oldham Mumps development – and the new Greater Manchester investment vehicle – contact Oldham Council by calling the Regeneration team on 0161 770 2077 or send an email to email@example.com