West Northamptonshire Council has requested a resolution to acquire the Corn Exchange in the UK, a crucial move in the regeneration of the wider Greyfriars area in Northampton.
This potential acquisition is expected to stimulate further private-sector investment.
The Greyfriars area encompasses the sites of Greyfriars Bus Station, as well as the Mayorhold and Victoria Street parking facilities, Corn Exchange, Belgrave House, and East and West Island, spanning more than 14 acres.
West Northamptonshire Council, in collaboration with Studio Egret West and with backing from Homes England, developed the vision aimed at transforming several derelict buildings at the site.
The Corn Exchange, constructed around 1850 and vacant since 2013, is set to be transformed into a multipurpose cultural and creative venue.
Meanwhile, the front of the building is expected to be used for retail or leisure purposes, featuring a restaurant or café.
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By GlobalDataIn addition, West Northamptonshire Council has entered a partnership with ECF, a joint venture involving Legal & General, Homes England, and Muse for the wider Greyfriars development.
This partnership is poised to facilitate the planning, delivery, and financing of Greyfriars, which is said to be one of the largest brownfield regeneration projects within West Northamptonshire.
The proposal is set to undergo further approvals, anticipated by mid-2025.
ECF chair Michael Lyons said: “West Northamptonshire Council has developed an ambitious and exciting vision for Greyfriars, as part of a bold approach to the wider regeneration of Northampton Town Centre.
“Working in partnership with the local authority, ECF will support the development of a delivery model which aligns with the Greyfriars vision and supports long-term regeneration. Greyfriars has the potential to drive significant social and economic value and working together we can unlock the opportunity. Having expanded in size to £400m [$536.75m], ECF stands ready to collaborate with ambitious partners to deliver transformative regeneration.”
