Development hailed as biggest transformation of town’s centre since ‘great fire’ has likely ‘considerable viability and funding gap’
Despite the funding gap, the cabinet of the West Northants unitary has signed a deal with a regeneration company
By Sarah Ward
The regeneration of the Greyfriars area of Northampton has a considerable viability and funding gap’ according to a council report.
But despite this, the authority’s cabinet decided on Tuesday to sign up to a partnership with national regeneration company the English Cities Fund, which will see a detailed scheme drawn up and costed for the rundown Greyfriars area within the next nine months. The regeneration will include new housing, public spaces, a performance venue and office space, as well as the roads remodelled and the bus station expanded.
The report says the scheme will create 7,000 plus jobs and add an incredible one billion pounds to the economy, but just how all the building and infrastructure will be financed and how much it will cost is not clear.
The authority has received more than £20m over the past few years of government funding for regeneration, but this has all been accounted for. Last month it agreed to buy the former Corn market hall, which will form part of the development for £1.6m and the funds will be borrowed.
The cabinet, led by Cllr Adam Brown, agreed to sign up to a pre development service agreement, which will see English Cities Fund (ECF) pay £550,000, however if the authority decides it does not like, or does not want to proceed with the proposed scheme, it will be liable to pay 50 per cent of the costs.
The report to the council says:
“ECF offers development, investment and funding expertise through its partnership, and specialises in challenges sites, such as Greyfriars, where there is envisaged to be a considerable viability and funding gap.”
But despite the financial uncertainty, the development has been welcomed by the deputy leader of the Labour opposition Cllr Bob Purser, who commended the council officers and has hailed the masterplan as a scheme that could right past development mistakes.
At the meeting held at the Guildhall, he said:
“At last we have a report with the word masterplan in it.
“I would’ve thought it is the biggest transformation in Northampton’s town centre since the great fire. And if we think of what Mike Ingram (Northampton historian) used to say that Northampton has been in decline since the late middle ages, maybe this is the opportunity to reverse that.
“A site of this scale gives us the opportunity to undo some of the worst elements of the damage that the old development corporation did to the centre of Northampton.”
The English Cities Fund is a partnership between Homes England, Legal and General and Muse (which is part of construction firm Morgan Sindall).
It has been behind a number of large schemes across the country including in Salford, where it recently finished the building of an eco office block with the largest green wall in Europe.
However, despite this being the biggest scheme for Northampton in decades, a representative from the company has not attended a council chamber to give a presentation, or made themselves available to questioning from councillors beyond the Conservative cabinet. All meetings so far have taken place in private.
Just what the financial liability for the West unitary will be is not mentioned.
The authority does not have a great track record on development schemes. Its housing company Northamptonshire Partnership Homes, has not been able to move forward with two prominent schemes at Belgrave House and the former university building at Bassett Loake house, shelved.
And the newly opened market ended up costing 50 per cent more than originally planned, with the final bill coming in at more than £12m.
Cabinet member for regeneration Cllr Daniel Lister said the ambitious project will breathe new life into the area and said it was a ‘coup’ for Northampton to be entering into partnership with ECF, which usually takes on bigger projects.
Asked about the governance of the scheme he said:
“We agree up front on what is going to be delivered and they deliver it and they own it.”
Something has to be done with the area, that's clear, as is the area!! A funding gap is a worry though, as is the fact that the governance of this scheme will see us putting up cash but we will not own. Probably that not that unusual in some respects regarding developments but we own the land, but get no return. Can we at least ensure we dont get stung for the maintenance, if "they" own it?
This is where we need a credible opposition with sharp eyes for detail who can spot the flaws, ask the pertinent questions and seek the clarifications and reassurances. I can name a couple, at least who are competent at this stuff but they may not be re-elected next year nor want to be. Serious stuff here that needs serious scrutiny as this will be for a generation to come.
Before you start with biggest transformation, you have to start with the basic first. With the extreme weather conditions we seem to be having I.e flooding. That needs to be fixed first. The Nene river and the tributaries feeding it needs to be cleaned on a regular basis. When that is fixed only then you can regenerate Northampton. After all we all have experience Councillors making ridiculous mistakes I.e. the 10 millions loss on the Sixfields football stand. The same Councillors are still at it today.