Henry Davidson Developments (part of the Development Securities Group), St Modwen and a consortium led by Zerum Consult have been shortlisted as prospective development partners for a £40 million town centre regeneration in Newcastle-under-Lyme, Staffordshire.
Cushman & Wakefield is advising a joint venture partnership between Newcastle-under-Lyme Borough Council and Staffordshire County Council on the 6.4 acre development site, which has been designated for a mixed-use, retail-led scheme. The two authorities received preliminary interest from more than 20 development companies.
Situated in the heart of Newcastle-under-Lyme town centre, the site – ‘Ryecroft’ – currently comprises the borough council offices, a local authority-run surface car park, a former Sainsbury’s supermarket and a multi-storey car park. The borough council intends to relocate its offices to a new ‘civic hub’ at the nearby site of the former St Giles’s and St George’s primary school.
Julie Dunthorne, partner in Cushman & Wakefield’s retail development team, said: “The Ryecroft development represents a rare opportunity to be involved in an oven-ready scheme in the heart of a thriving town centre, and one which the councils have been proactively assembling and promoting during the downturn.
“There has been a significant level of interest generated from developers which underlines the delivery prospects in this affluent market town. We are confident that all three shortlisted parties have the track record and vision to deliver the scheme, which is of critical importance to the future vitality of the town centre.”
Neale Clifton, executive director of regeneration & development at Newcastle-under-Lyme Borough Council, said: “This marks a significant milestone in the evolution of a scheme that will strengthen the economic fortunes of Newcastle-under-Lyme town centre by improving the breadth of the retail offer whilst affording the opportunity to introduce complementary uses.
“We are looking forward to working with the shortlisted parties as we move into the next stage of the selection process to ensure that the optimum scheme emerges.”
Leader of Staffordshire County Council, councillor Philip Atkins, added: “The Ryecroft development is vital to Newcastle-under-Lyme’s long-term regeneration and I am not surprised to see so much interest shown in the site.
“I am confident that together with the borough council we will be able to select a high-calibre, experienced partner to ensure we get the very best development for the future prosperity of all Newcastle-under-Lyme.”
The councils intend to nominate their preferred partner later this year.