The multi-million pound redevelopment of Northampton town centre is gathering pace, with commercial property agent Prop-Search forecasting that the next twelve months will be a ‘defining period’ in the process. The regeneration encompasses six schemes which, together, are unlocking key sites in the town for development in all commercial categories.
Prop-Search surveyor Samantha Jones
The first of the ‘Big Six’ projects is the redevelopment of Northampton ‘Castle’ Railway Station which will provide improved facilities and services to this gateway location. These include a new 1,270 space multi-storey car park and a 300,000 sq ft commercial scheme. The £20 million cost of this is being shared between the West Northamptonshire Development Corporation, the County Council and Network Rail.
At St Peter’s Waterside demolition has begun to make way for a landmark office development. This scheme has required a number of compulsory purchase orders and capital investment of over £6 million. The Innovation Centre, delivered in conjunction with the University of Northampton, will mark the first stage of the project.
The Avon Nunn Mills scheme will see a brownfield site, including a derelict factory and a disused power station, transformed into a new university campus. Plans for the redevelopment of this land have proved problematic due to complex ownership but a deal finalised last year has cleared the way for demolition and construction to finally get underway.
The redevelopment of the Grosvenor Shopping Centre will not commence until the Greyfriars Bus Station is demolished. Construction of a new bus interchange is currently underway and discussions are taking place which are expected to lead to the provision of a modern retail experience in the town centre.
In the emerging St John’s cultural quarter there are plans for a new hotel and student accommodation which, it is hoped, will commence this year. The second phase of this scheme will see a new office development in the district.
Nearby, Project Angel will deliver another major office development with the potential to accommodate 2,500 workers. Plans for this scheme are likely to be submitted early next year and are believed to include a public square which will act as a gateway into the town centre.
Alongside the Big Six regeneration schemes, Prop-Search reports that take-up of existing commercial space is ‘reasonable.’ However, as is the case in many provincial towns and cities, the market is hampered by a lack of quality supply due to the absence of speculative development during the recession.
What Prop-Search is witnessing now, is a return of the ‘Built to Suit’ market, with developers constructing new buildings to match the needs of the occupiers. There have been several developments of this type with the most significant being a large warehouse and office scheme which is expected to be completed early next year.
With so much construction, either underway or in the pipeline, it won’t be long before these new landmarks begin to transform Northampton. This, and the benefits the regeneration will bring to the economy and the commercial property market, suggests the coming months will, indeed, prove to be a defining period for the town.
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