As the north comes more prominently into focus with property investors from both the UK and overseas, local authorities in regions such as Greater Manchester are keen to highlight the positive impact an acquisition in the area could have. Along with providing strong incentives to invest, therefore, they are channelling a lot of funding into creating good consumer areas as a means of boosting the local economy, with one particularly exciting project being the upcoming regeneration of Oldham town centre.
Council bosses this week officially unveiled the master plan for the £60 million redevelopment of Oldham’s eastern gateway by the Oldham Mumps Metrolink stop, which is already being touted as a “game changer” for the area. The scheme, which will form a key part of wider plans for the town centre as a whole, will be known as The Prince’s Gate and has been given the go-ahead by councillors, meaning work could potentially start early in the New Year.
In total, the development will create around 150,000 square feet of retail space created, with Marks & Spencer due to take up a large 51,000 square foot unit by 2017. Marks & Spencer executives have been in discussion with council leader Jim McMahon since 2011 regarding this arrangement, and have reaffirmed their enthusiasm at becoming the anchor tenant for the development.
Councillor McMahon says; “Prince’s Gate at Oldham Mumps is all about our aspirations for our future – it is a game changer for the new Oldham.
“We know that getting the right facilities in town is important to local people, because Oldhamers tell us this all the time.
“The interest of Marks & Spencer is a massive vote of confidence in what we’re doing and potentially a fantastic early Christmas present for Oldham: I hope people can now see that we’re definitely ‘on with the job’.”
Early forecasts indicate that more than 700 new jobs could be created as a direct result of the development, with the employment opportunities and commercial property value adding an extra £21 million to the local economy per year. Furthermore, the plans will allow a greater flexibility for consumers, as the site is currently occupied by a park and ride unit – this will be moved to a site of the same size between Beever Street and Wallshaw Street as part of a land swap agreement with Transport for Greater Manchester.
Of course, this development will be only a small part of the greater scheme affecting Oldham, as negotiations are currently ongoing to create a new retail unit of 18,000 square feet on the current RSPCA/Roscoe Mill site. It is thought that this will be occupied by a major supermarket brand, with around 50 apartment units over three storeys to be situated above.
Finally, the Grade II listed former NatWest bank will be refurbished, providing space for restaurants, cafes and leisure outlets. As Councillor McMahon says; “This is one of the most ambitious redevelopments for Oldham town centre since the 1980s.”
Do you think the retail scheme will prove popular with local residents, given the long wait they have had to gain a Marks & Spencer store?
