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4th April 2022
When details of the government’s Levelling Up in the UK agenda were published recently, it was clear that the construction industry stood to gain from the initiative.
But whilst many of the programmes highlighted in the announcement will generate work and contracts – notably £4.8 billion for infrastructure investment, the £2.4 billion Towns Fund and the £830 million Future High Street Fund – some doubts were raised over how much was being added to existing budgets.
Yet irrespective of the quantity of ‘new’ government money, there appears to be fresh momentum behind the regeneration sector in towns and cities – often involving private sector partnerships with local councils - which is creating significant opportunities for construction contracts.
When Morgan Sindall unveiled financial results recently it pointed to mixed-use urban regeneration as a sector where it saw “…increasing opportunities in the medium to long term and which support the UK's current and future regeneration and affordable housing needs.”
Morgan Sindall itself currently has a busy urban regeneration development portfolio. At the end of last year, the firm had 14 projects on site across 11 developments with a gross value of £980 million and with a further 17 projects set to start on site in 2022.
Schemes with potential
Significant recent deals signed by the company show the type of schemes where it sees potential. They include an appointment as preferred development partner for West Sussex County Council on Horsham Enterprise Park, a new, 18.5-acre neighbourhood on a former industrial site that will provide up to 270,000 sq ft of offices and R&D space, an 'Enterprise Hub', up to 300 new homes (35% affordable) and local amenities. Morgan Sindall has also secured appointments to partner with local councils on regeneration schemes in Barnet in north London, Scarborough and Bury.
Glenigan data highlights other significant new regeneration projects of varying sizes in the pipeline which will generate contracts nationwide. In Liverpool city centre, a framework has been approved and further consultants are due to be appointed on a £200 million public/private scheme, involving the redevelopment of a 56-acre area known as Upper Central. The scheme - which will act as a gateway to the thriving Liverpool Knowledge Quarter – will include new offices and has the potential to create 2.5 million sq ft of new space. Work is set to start in late summer 2023 and could run for five years (Project ID: 19228377).
New uses for historic buildings
Further north in Lancaster, the city council has appointed a team to develop a costed masterplan for the £250 million Canal Quarter regeneration area, a mixed-use scheme on the site of a former brewery where work is set to start at the end of this year. An architect has also been appointed for the scheme which will involve more residential and business space, facilities for the University of Lancaster and new uses for historic buildings on the site (Project ID: 12381889).
Meanwhile, Bridgend County Borough Council has recently been approved plans for a £28.3 million publicly funded mixed use development at the town’s Salt Lake Car Park Site at Porthcawl Harbour which will include a 2,300 sqm supermarket, retail, and leisure space and 450 homes. The project is at the pre-tender stage and work could start later this spring (Project ID: 08514588).
There are also some significant regeneration schemes in the longer-term pipeline. A development partner is being sought for the Central Winchester Regeneration project, a £150 million publicly funded scheme in the city centre involving around 180,000 sq ft of residential space (40% affordable), 80,000 sq ft for mixed uses space and 25,000 sq ft as retail and Food & Beverage space. Work could start in early 2024 and run for 60 months (Project ID: 20259051).
Glenigan customers can see details of regeneration projects if part of your subscription.
Not a Glenigan customer, but would like to see detailed sales leads for regeneration projects in your regions? Request a free demo of Glenigan today so we can show the size of the opportunity for your business.
Request a free demo of Glenigan today so we can show the size of the opportunity for your business.
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