Heads of terms have been agreed with Beijing Construction and Engineering Group, paving the way for the first phase of Bolton Council’s £1.2bn regeneration of the town centre.
BCEGI has joined Bolton Regeneration, a consortium led by investor and developer Midia, to bring forward the £250m first phase of the town’s regeneration to redevelop the Crompton Place Shopping Centre on Victoria Square.
The shopping centre and surrounding area will be converted into a new mixed-use scheme, including leisure, retail, office and residential space.
The agreed heads of terms follows Bolton Council’s announcement earlier this month that the town centre masterplan would increase from £1bn to £1.2bn following increased private sector interest and the prospect of a further injection of funding.
Bolton Council first unveiled the £1bn masterplan in September 2017 and bought Crompton Place shopping centre for £14.8m in June 2018.
The announcement marks BCEGI’s latest development in the north of England.
The investment, development and construction company is an equity and construction partner on the £1bn Airport City in Manchester and is the main contractor on £90m, 35-storey residential development the Lexington.
It is also the preferred contractor for the £1bn Middlewood Locks mixed-use residential development in Salford.
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