Bolton Council has agreed a phased transfer of land with local developer Watson at the £75m Church Wharf town centre development.
The project will comprise a hotel and more than 400 new homes delivered in stages over a four-year period. The council acquired land and properties backing on to Bank Street and Manor Street before carrying out full demolition and enabling works.
It has now agreed to a phased sale of the land to Watson for a nominal fee of £1 for each development stage. The council said the amount reflects the valuation of the site and “takes into account the challenges and financial risks associated with brownfield developments of this type”.
As part of the agreement, the council will also take a share of any profits once the development is complete.
An independent economic impact assessment has projected that the project will result in £75m of direct spend in construction, create 1,500 jobs and add £64m gross value to the town’s economy.
Nick Peel, leader of Bolton Council, said: “Plans to regenerate Church Wharf were first put forward in 2008, but the nature of the site meant potential developers could not be sure of making a profit. This is exactly why we established the £100m town centre masterplan, to close this viability gap by acquiring and clearing sites ourselves before working collaboratively with the private sector to bring forward projects that will benefit everyone in Bolton.
“Without interventions of this type, the regeneration of our town centre would simply not have been possible. This agreement means work can start quickly, unlocking £75m in construction spending, creating jobs and new homes, while also securing the council a share of any eventual profits.”
Akhtar Zaman, deputy leader of Bolton Council, added: “As shopping habits change, we are reimagining our town centre with the right mix of residential, hospitality, leisure, employment and retail offer. Not only does this deliver much needed new homes, but our focus on repurposing brownfield sites has protected our borough’s precious greenbelt from development. Alongside our major events and cultural offer, we are working to create a vibrant and exciting town centre where people want to live, work, visit, study and invest.”
Rob Watson, director of Watson, said: “We are pleased to have agreed terms with Bolton Council for the purchase of Church Wharf, a project central to the regeneration masterplan of Bolton. Church Wharf will play a transformative role in the redevelopment of Bolton town centre, boosting its local economy and enhancing the lives of its community.
“This mixed-use development is a significant project for Watson. We are active members of the Bolton community and fully committed to making long-lasting positive change for current and future residents by creating this town centre neighbourhood. We’re excited to bring forward our proposals for the delivery of upwards of 400 homes, a hotel, new bars, restaurants and cafes, as well as commercial space on this brownfield land.
“Church Wharf will provide a great selection of high quality, high specification homes with a selection being available for affordable tenures. The 120-bed hotel will provide employment to the local community and encourage footfall in the surrounding area. We are now moving forward towards submission of our planning application and hope to begin work as soon as possible on this fantastic development.”
The Church Wharf scheme is being supported by the Greater Manchester Combined Authority Brownfield Housing Fund.
