One of the South West’s largest regeneration projects has moved forward with the completion of a £215m development agreement.
At a House of Commons reception today, Modus Properties formally agreed to deliver Regent Place, a 350,000 sq ft retail, residential and leisure scheme in the centre of Swindon.
Manchester-based Modus was selected as the preferred developer in May 2006, and secured anchor tenant Debenhams in October last year.
Development director Neal Dale said: “Regent Place will make a huge difference to Swindon town centre, providing the type of retail and leisure facilities that will bring in visitors from miles around. Swindon has been crying out for redevelopment for some time and we are extremely proud to be a part of it.”
The New Swindon Company, funded by English Partnerships, the South West of England Regional Development Agency and Swindon Borough Council, said it was delighted to announce the deal in the face of the worsening economy.
Regent Place received planning approval in March 2008 and is scheduled to open in autumn 2012. Modus is yet to approach banks for funding and expects to start on site in 2010.
Muse Developments is expected to sign a development agreement for the 17.5 acre Union Square development in the coming weeks. It plans 600,000 sq ft of offices, 450 residential units, plus retail space and a hotel.
