Nine developers on Expo long-list
Jan 15 2008 by Graeme King, The Journal
NINE developers have been ‘long-listed’ to head up the development of a 125-acre site in Newcastle’s west end as the £450m Scotswood Expo.
The Government-backed scheme will see 1,800 homes built along with 65,000sq ft of shops and community facilities, all aimed at transforming the Scotswood neighbourhood.
A partnership of Newcastle City Council, English Partnerships and Bridging NewcastleGateshead are aiming to sign up a developer as a joint venture partner to fund and deliver the project.
The Scotswood URV (Urban Regeneration Vehicle) will be one of the first of its kind in the UK although the principles are modelled on similar joint ventures established by regional development agencies such as One NorthEast.
There were over 70 expressions of interest in the Scotswood Expo and the nine developers have now been chosen to participate in the ‘competitive dialogue’ procurement process. Those selected include home-grown Grainger and a consortium led by Barratt, along with Countryside Properties from Essex, St Mowden from Birmingham, Urban Splash from Manchester, Gleeson from Hampshire, Compendium Group from Liverpool, and two other consortia led by housing industry giants Taylor Wimpey and Persimmon.
Jonathan Bull-Diamond, director of King Sturge Financial Services, who is advising Newcastle City Council, said: “Local authorities have been looking at URVs in the past year following pressure put on them by central government to look at their assets.
“Local authorities up and down the country are examining their options and will be watching Scotswood and Croydon (which is following a similar model) very closely.”
Alan Sears, project manager at the city council, added: “This is a unique and exciting regeneration opportunity to provide a new sustainable neighbourhood in an area that has suffered from long term housing market failure. It is an innovative approach to addressing urban decline and will act as a catalyst for the regeneration of Scotswood and Newcastle’s west end.”
King Sturge said they expect to short-list three developers in March with the URV being formally established early in the autumn.
It is hoped the Scotswood scheme will have an end value of £450m, but also that the 12-year partnership could take on further projects.
