Bouygues Development, the property development company, and its joint venture partner Coplan Estates, have achieved financial close on their £36 million (GDV) mixed-use leisure led town centre regeneration project in central Bedford.
Riverside North is situated on the North bank of the River Great Ouse, directly south of Bedford’s commercial centre and to the west of the historic St Paul’s Square.
Occupying an area of 3.6-acres, the scheme will provide riverfront apartments, shopping and leisure facilities, as well as new landscaped public areas and a new bridge for pedestrians and cyclists.
Delph Property Group will purchase and market the scheme’s 46 private apartments, while Guinness Partnership will own and manage the 18 affordable units. The commercial element of the scheme includes a 100 bedroom Premier Inn Hotel, seven screen Vue cinema and tier one food and beverage restaurants, which has been acquired by TH Real Estate. The main brands arriving in town will include Harvester, Bella Italia, Zizzi, Chimichanga, Wagamama and Coal Grill & Bar.
Bouygues UK will undertake construction of the development, which will begin immediately and is scheduled for completion in the first quarter of 2017.
Architects for the development are Mountford Piggott. Allsops acted for TH Real Estate, GVA and Mason Owen acted for Bouygues Development and Coplan Estates.
Nicolas Guérin, Managing Director of Bouygues Development, said:
“This major regeneration project at the heart of Bedford will maximise its riverside location, creating an exciting new destination for the local community. As well as shops, restaurants, a cinema, a hotel, and private and affordable homes, this development will also create new pedestrian links through the town. We look forward to continuing to work with our partners and Bedford Borough Council as we bring this development to life.”
Colin McQueston, Director of Coplan Estates, said:
“We are delighted to have reached this important milestone for a scheme that will transform the fortunes of Bedford Town Centre. The scheme, when completed, will not only provide a much need leisure offer but will also create 250 new jobs, and receive 500,000 visitors per year right into the heart of Bedford Town Centre”
Philip Simpkins, Chief Executive of Bedford Borough Council said “The Riverside North development is in line with the Council’s vision of ensuring that Bedford town centre is an attractive destination in its own right, for a variety of activities.
Bedford is already bucking both local and national trends in seeing shop vacancy rates falling over recent years and increased footfall through the town centre, and the riverside development will bring even more visitors to Bedford for shopping and entertainment.”