The regeneration of Crewe town centre's Royal Arcade can now be brought forward after a significant development agreement was signed by Cheshire East Council.
The deal between the local authority and development partner Peveril Securities Ltd is said to be a key step forward in Crewe's transformation - paving the way for planning applications to be submitted.
It's hoped the Royal Arcade will include a bus station with enclosed waiting area, restaurant and retail units, large car park and a 'state-of-the-art' cinema.
Property services firm Cushman & Wakefield advised Cheshire East Council throughout from the initial town centre strategy, site assembly, support with the business case for Local Growth and the Future High Street Funding, and the EU-compliant developer selection process.
The legal work on the project was done by a team at Browne Jacobson led by Zo Hoida. Demolition works at the Royal Arcade site will begin later this month.
Councillor Nick Mannion, cabinet member for environment and regeneration, said:“ The development agreement is the latest step in what is an exciting programme of regeneration for Crewe.
“We appreciate that the current pandemic has brought uncertain times for all of us, but this news not only shows our shared vision for the regeneration of Crewe town centre, it also shows our commitment to rebuilding the local economy.
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“A planning application is expected to be submitted in spring next year, with a partially completed bus station expected to be in place by summer 2022, with the plan to deliver the full facility and new car park in spring 2023.”
Keith Hardman, international partner, development and planning at Cushman & Wakefield, said: “Cheshire East Council’s pragmatism and drive to deliver this key development is to be commended. The scheme is a key catalyst in the regeneration and repositioning of Crewe town centre.
"Concluding the development agreement despite the challenging economic and property market headwinds, is a significant milestone event in itself. The imminent commencement of demolition work on part of the site and preparation for the early delivery of a new bus interchange and multi-storey car park will support the future development of the leisure and other commercial aspects of the scheme across the wider site.”