Decision day for £100m town centre project

TOWN Hall chiefs at Warrington will be asked next week to select a private sector development partner to carry out the £100 million redevelopment of the Bridge Street area of the town centre,
Six developers were originally shortlisted – and all at first indicated their intention to submit tenders.
But one developer has withdrawn from the process – leaving the borough council’s executive board five to choose from when they meet next Monday.
The site encompasses some 15 acres of land from the west side of Bridge Street to Academy Way in the east, Buttermarket Street to the north and Mersey Street to the south.
It includes Time Square, Warrington Market and the Market multi-storey car park.
The proposals would create a new mixed leisure scheme incorporating an improved market and new offices for the borough council.
There would also be a cinema, restaurants, foodstore, hotel, shops, offices, parking facilities and other town centre uses.
A report to the executive board states: “The aim of the proposals is to create a high quality commercial, retail and leisure destination that at the moment does not exist in the town centre and that will also assist in diluting the anti-social aspects of Lower Bridge Street.
The council already has substantial land-holdings in the area – including the long leasehold interest of the Time Square shopping centre which was purchased in 2008 with a £6.2 million grant from the North West Development Agency.
Time Square is now managed by the council, with all net receipts ring-fenced to help fund regeneration of the site.
But it is certain the council will need to acquire more land – particularly to the south of Academy Way.
The executive board will be told next week there is always a degree of risk involved in a redevelopment project of the size proposed. The maximum financial risk to the council is limited to the value of its existing land interests in the site – currently estimated at between £6.5 million and £7.5 million.
In practice, the redevelopment will take place on a phased basis so that the maximum financial risk for the council at any one time will be restricted to value of the council’s land interests in that phase.
The main risks identified are: 1, Procurement procedures not correctly adhered to leading to a challenge; 2, Preferred development partner being unable to deliver the scheme; 3, Property market conditions; 4, Economic conditions.
Action to mitigate these risks is being identified and will be carried out, monitored and reviewed in line with industry standard project management techniques.
Pictured: Warrington Market – which may be demolished – and Lower Bridge Street, which will be revived.