West Northamptonshire Council has partnered with the English Cities Fund (ECF) to revitalise the Greyfriars area in Northampton's town centre, England.
The council has signed a new development management services agreement (DMSA) with ECF, paving the way for a formal development agreement by mid-2025.
ECF is a joint venture comprising Muse, Legal & General, and Homes England. It has already been working with the council to develop planning, delivery, and funding strategies for the Greyfriars regeneration.
With the DMSA now in place, ECF can create more detailed plans before finalising a development agreement.
The Greyfriars project spans 25 acres and includes several key sites such as the demolished Greyfriars Bus Station along with the Mayorhold and Victoria Street Car Parks, Corn Exchange, Belgrave House, and East and West Island.
The council's vision is to transform these derelict spaces into vibrant new areas for arts, culture, and business.
Plans for the Corn Exchange involve establishing an arts and culture hub while Belgrave House is set to become an innovative workplace and business incubator.
The regeneration project will also introduce new homes, shops, cafés, restaurants, and an outdoor amphitheatre, creating a new neighbourhood.
This project is expected to significantly boost Northampton's economy, with an additional £21m ($26m) in spending from new residents and visitors.
The construction phase could create up to 7,000 full-time equivalent jobs, contributing an estimated £1bn in economic value.
West Northamptonshire Council cabinet member for local economy, culture and leisure and councillor Dan Lister said: “The vision we have for Greyfriars is ambitious and transformative, and with ECF’s expertise, we are confident in delivering a project that will drive economic growth, create jobs, and enhance the cultural offering for community.
“We look forward to seeing the positive impact this regeneration will have on Northampton and sharing more exciting developments with the community as we progress.”
ECF Midlands managing director Maggie Grogan said: “Since announcing our partnership with West Northamptonshire Council, we’ve been working closely and collaboratively to explore potential delivery solutions for Greyfriars.”
“We see clearly the opportunity Greyfriars presents and have made real progress. Entering a DMSA will accelerate our work and further strengthens our approach. We expect 2025 to be an exciting year and look forward to sharing more with the community in due course.”
In November 2024, Muse entered into an agreement with Solihull Council to lead the redevelopment of Mell Square in Solihull.
Additionally, in May 2023, Stockport Mayoral Development Corporation in the UK selected ECF as its preferred joint venture partner to invest over £250m in the Stockport town centre's redevelopment.
