Four new schemes have been unveiled in Bradford sending a strong signal that private investors are committed to the continued regeneration of Bradford in a difficult economic climate.
The schemes, No.1 Hamm Strasse, High Point, the Woolston Life and Leisure complex and Pembroke Court, mean an additional £50m will be invested in the city over the next year.
The developments, which include three hotels, over 15,000 sq ft Grade A office space, retail, leisure and residential plans, will help underpin some of the major regeneration projects being developed by the public sector partners - Bradford Metropolitan District Council, Yorkshire Forward, the Homes and Communities Agency and Bradford Centre Regeneration.
As the public sector partners continue to focus on the transformational schemes and on creating a public realm infrastructure, developers are continuing to recognise the opportunities the city presents for them.
Construction is already underway on Hallgate House, a two block development as part of the No.1 Hamm Strasse scheme, which will provide valuable Grade A office space, retail space and a hotel.
Kerry Tomlinson, managing partner of The Property Group, who officially launch their No.1 Hamm Strasse scheme today at MIPIM, said: “What we recognise in Bradford is a city that is moving forward through its regeneration, which brings with it exciting potential for development.”
“It is also hugely attractive as the people involved in building a vibrant city centre are keen to get involved and support developers who have a solid commitment to this regeneration. The foundations being laid to build a ‘city for the future’, make it a city with huge commercial appeal’
Bradford Council's Executive Member for Regeneration and Economy, Councillor Adrian Naylor, said: "The news that developers are committing this amount of money in the city is very positive for the district and shows the confidence developers have in it’s regeneration.
"Being able to offer extensive leisure and office facilities, such as the ones planned, will have a big impact on attracting more investors to the city, as well as visitors, which will help boost our local economy."
Maud Marshall, Chief Executive of Bradford Centre Regeneration added: “The potential that exists in Bradford, which is still in the early stages of regeneration, is not something that will disappear. Developers are realising this through their commitment which sends a very positive signal that the opportunities still exist.”
Details of the four key schemes:
• No.1 Hamm Strasse - The £15m scheme being built by The Property Group is their first commercial development of this size and nature. Work is due to start on site to develop 12,000 sq ft of valuable grade-A office space in the heart of the professional quarter of the city centre. A three star 100-bed hotel spanning four floors is also planned. This is all part of a striking and iconic landmark building which is respectful of the conservation area in which it sits. The scheme is expected to be completed in January 2010.
• High Point - Proposals by property developer Manoj Aggarwal are also about to be submitted for planning consideration to turn High Point, the former headquarters of the Yorkshire Building Society, into a £7m mixed-used leisure scheme, including a 96-bed hotel with office and retail space. The hotel, aimed at business people and families on a budget, will take up the top six floors of the nine-storey building anchored by two floors of offices and a ground floor of restaurants or bars.
• Woolston Life and Leisure complex - Yorkshire developers The Skelwith Group and the Aspasia Group plan to create a two-phase development. It will feature a four star 142-bed hotel, The Woolston Hotel, a state-of-the-art gym, a swimming pool and an outstanding roof top bar. The first phase consists of the £30m scheme which will be a conversion of the old Woolston Warehouse into 106 apartments. Over 80% of these have already been sold to investors and completion is expected in November 2009.
• North West based developer Oakglade have also announced they are close to finishing their Manningham development of 30 apartments. The £1.5m project to convert the derelict building into a mix of studio, one and two bed homes reflects the demand and opportunities that still exist for quality residential opportunities across the district.