Bradford considers £1.2bn Canal Road masterplan

A masterplan which could unlock £1.2bn of development outside the Yorkshire city of Bradford will be considered for approval next week.   The Canal Road corridor has been earmarked for up to 8,000 homes and a variety of commercial uses including office and retail.   The regeneration of the 40ha brownfield site would also see new schools and health facilities built in the 5km corridor which runs between Bradford and Shipley.   Bradford council’s executive will consider the feasibility of the scheme which will stimulate £1.2bn of investment value upon completion over a 15-year period.   The council will also consider creating a council-led special purpose vehicle (SPV) to guide and develop the masterplan.   Around 40% of the land in the corridor is owned by the council and it is anticipated this would be used as equity by the SPV and reinvested the regeneration of the corridor.   Bradford council’s executive member for regeneration, Andrew Mallinson, said: “The Canal Road Corridor has enormous potential and could make a massive difference to the Bradford district’s economy and residents’ lives.   “Delivering the project will be technically challenging and sets out a vision for completion in 15 years.   “It is an exciting project but there are a lot of hurdles to overcome and these will need to be carefully considered at the meeting.”   bridget.oconnell@rbi.co.uk