English Cities Fund (ECF) is attached to new regeneration projects to deliver new homes in Northampton and Wolverhampton.
ECF has partnered with West Northamptonshire Council for the regeneration of Greyfriars in Northampton Town Centre, while proposing a masterplan along with City of Wolverhampton Council for the regeneration of City Centre West.
The West Northamptonshire Council partnership will see ECF explore and shape planning, delivery, and funding for the largest brownfield regeneration opportunity within West Northamptonshire.
Once established, the proposal would be subject to further approvals from both parties, expected to be in summer 2025.
ECF is joint venture between Legal & General, Homes England and Muse, which in 2022 recommitted to develop 6,600 new homes, with the fund increased to £400 million in February this year.
The Greyfriars regeneration includes the former Greyfriars Bus Station, which was demolished in 2015, as well as the Mayorhold and Victoria Street Car Parks, Corn Exchange, Belgrave House, and East and West Island totalling over 14 acres.
The regeneration is expected to bring in £21 million to Northampton from new residents and visitors, along with an estimated 7,000 jobs during construction, generating £1 billion in economic value.
Sir Michael Lyons, chair at ECF, said: “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, ECF stands ready to collaborate with ambitious partners to deliver transformative regeneration.”
Councillor Dan Lister, cabinet member for local economy, culture and leisure said: “As well as development plans on brownfield land at Four Waterside and Marefair which demonstrates the Council’s ambition but also commitment to delivering better public spaces.”
Meanwhile, ECF is set to host a series of engagement events over the coming weeks as part of its Wolverhampton City Centre West masterplan, which will see the delivery of 1,000 new homes, including affordable homes.
Last year, ECF signed a development deal to deliver the regeneration scheme, which will be the first project delivered by the public-private partnership in the Midlands.
The masterplan will also showcase options for the first phase of the scheme: an enhanced market square with green spaces.
There will also be opportunities for new shops, cafes, and restaurants.
ECF has entered into a Development Agreement with the council to bring forward proposals, with the release of the masterplan following an initial engagement in July
Basit Ali, development partner in ECF, added: “We heard very clearly that people wanted something which attracts people into the city centre and creates a vibrant and exciting place to spend time.”
“By delivering new homes at a transformational scale, and curating a new city centre neighbourhood, we can boost the economy and create real opportunity for established and new communities.”
Councillor Chris Burden, cabinet member at Wolverhampton Council, said: “City Centre West is an opportunity to put people at the heart of the city with new homes, shops, cafes or restaurants.”
“The vision and masterplan could be truly transformational for Wolverhampton, so I encourage people to continue to engage and share their views.”
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