Acquisition boosts Royton retail precinct regeneration project
Plans for the redevelopment of Royton town centre in Oldham have been boosted by the acquisition of the precinct by new owners.
Tristan Capital Partners, in a joint venture with Addington Capital, have bought the site from administrators and are now working with the local authority and its partners on the regeneration of the district centre.
Brookwide Ltd, which was the major landowner of properties on Royton’s Market Square, went into administration earlier this year.
The new owners have beaten off interest from a major international banking firm to secure the portfolio of regional properties, which includes the precinct, valued at around £150 million.
Oldham Council has been working with Dransfield Properties Limited to deliver a comprehensive regeneration project which could include a fully-integrated major food store; the refurbishment of the Town Hall and Library; a new doctors surgery, retention and enhancement of the popular weekly market; improved car parking, the redevelopment of the former Byron Street School and improvement works to the precinct and public realm.
Councillor Jim McMahon, Leader of Oldham Council, said: “We are delighted to hear Tristan Capital Partners and Addington Capital have acquired Royton Precinct.
“This is another example of major property owners wanting to be part of developments that we are creating. They have already signaled that they want to work with us and our partners to improve the district centre.
“We are now talking to the new owners and carrying out a detailed review of what can be delivered as Royton’s regeneration is long overdue. Once this is complete we will be able to share our updated proposals and timescales with residents.
“We’re are all working hard to push the development forward and local people can see things are already happening, not least with the demolition of the former assembly hall which had become an eyesore and a major problem in the area.
“These improvements to the district’s retail core will also bring much-needed employment and help us achieve our ambition to create 2,015 employment opportunities as part of our Get Oldham Working scheme.”
Alex Wagstaff, Partner at Addington Capital LLP, said: ’’We have quickly identified the huge potential of Royton District Town Centre and are now keen to work with the council and their partners to deliver long lasting improvements.
“As part of our strategy, it is the intention to carry out some immediate interim works, including the replacement of the canopies, which we intend to commence in the coming weeks.’’
Work is set to begin on a new £8 million leisure centre this month as part of the area’s regeneration.
The Byron Street facility, which is due to open in late 2015, will offer a new six-lane 25-metre swimming pool with spectator seating; 80-station fitness gym; two exercise/dance studios and a new 60-space car park on the site of the existing sports centre.