Bolton Council has secured more than £250m of funding from a private consortium for the first phase of the £1bn Bolton town centre regeneration.
Bolton Regeneration Limited, a consortium led by investor and developer Midia, has agreed to back the development, the first phase of which will see the Crompton Place Shopping Centre on Victoria Square replaced with a new retail and leisure destination.
Midia has also agreed heads of terms with Beijing Construction and Engineering Group International to join the consortium.
BCEGI is an equity and construction partner at the Airport City development at Manchester Airport.
Bolton’s town centre masterplan is expected to create 1,800 new homes and 7,400 new jobs with the regeneration of Crompton Place, Trinity Quarter, Cheadle Square, Church Wharf and Croal Valley/Central Street.
The council bought Crompton Place from the Santander pension fund for £14.8m in June and has agreed to borrow £100m over 50 years on the regeneration. Bolton Council’s cabinet approved the town centre development framework and the replacement of the shopping centre earlier this month.
Ebrahim Adia, deputy leader of Bolton Council, said: “This is a resounding vote of confidence in the council and its vision for the town centre.
“The investment will generate significant economic benefits not only for Bolton but also for the wider Northern Powerhouse region, with the potential to create new jobs for our residents. There is a lot of detailed work that now needs to be undertaken but there is no doubt that this is an exciting time for Bolton.”
Colliers International advised Midia and Bolton Regeneration.
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