Regional regeneration is progressing at a pace faster than ever before, with significant change occurring in towns and cities across the UK. We believe this continued investment to be one of the most important factors in identifying an investment location, as it is usually a good indicator of future returns. Ashford, Peterborough and Brighton continue to be three of the most exciting locations for regeneration in the country and are each home to one of our major developments.
As we move into a new quarter it is time to provide another regional regeneration update, so below we outline three emerging projects making an impact in Ashford, Peterborough and Brighton.
Odeon building, Ashford
As part of a wider investment in the town centre, Ashford Borough Council alongside developer Milligan and real estate agency, Cradick Retail, has revealed an exciting opportunity to get involved in the next chapter for the former Odeon building. The project team are looking for operators across a range of sectors including hospitality, retail, co-working, health and wellness and leisure to bring forward the proposals for the iconic, heritage buildings.
The plan is to “retain and enhance the front of the building” while replacing the old auditorium with a new, flexible space fit for the future. There is the opportunity for the occupier to influence the size, layout and specification of the building, so this is a significant opportunity to get involved in the town’s ongoing regeneration.
A groundbreaking ceremony took place last month to signify the commencement of construction work at Peterborough’s Northminster development, which follows planning permission being granted in November 2021. The £65m project encompasses 315 residential units, which will be “let at discounted rents, set at or below 80% of the normal market rate”, as well as leisure and commercial space on the ground floor.
Construction company, Willmott Dixon, have recently been contracted to deliver the construction of the project, which is set to be complete by August 2024. They have pledged to create local jobs, provide training opportunities for the next generation and invest in local companies. It is also believed the development will generate a social return on investment of £3.2 million, building upon the work already done at Fletton Quays.
Preston Barracks, Brighton
Part of a partnership between U+I Group Plc, the University of Brighton, and Brighton & Hove City Council, Preston Barracks aims to “create a thriving addition to the Lewes Road which will contribute to employment, enterprise and entrepreneurialism; a place that people want to live, learn, work and be proud to be a part of.”
Located on Lewes Road, the mixed-use project has made significant progress over recent months. The Plus X Innovation Hub, which is aimed at start-ups and entrepreneurs is now complete and open. The student accommodation, which consists of 555 rooms, is open and the students have moved in. The residential offering of 369 homes is also progressing well, with the first two buildings set to open to residents in the next couple of months. In January 2022, a new pedestrian bridge was also installed across Lewes Road, with further work on this ongoing, it is set to open this spring.
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Date: 5 April 2022