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Signed and sealed
The long-awaited £450m deal to transform Preston into a shopping and leisure paradise has finally been completed.
Civic leaders signed on the dotted line at a special ceremony at the Town Hall yesterday – six years after the idea was first conceived.
The deal means the council has now entered into a formal development agreement with Grosvenor to redevelop a quarter of the city centre following much consultation, negotiation and wranglings.
But the deal could still hit a stumbling block if a number of conditions are not met by the council, including securing a major retailer for the 'anchor store' – the flagship of the whole development.
And, despite yesterday's handshaking ceremony, the identity of the major retailers due to make the city their home remains a mystery.
It's now known that the Tithebarn area, centred on the market and bus station area, will undergo a three-year transformation with a major department store, a 12-screen cinema and leisure facilities, food store, hotel, refurbished market and 85 shops all due to be built.
It is believed talks have been held with major department stores, including John Lewis, but no names have yet been confirmed.
In addition, there will be 400 new homes, along with restaurants and bars, and a health and fitness centre. Visitors will also be provided with more than 2,500 car parking spaces.
Stephen Musgrave, chief executive of Grosvenor, said: "We're delighted to have reached this milestone and signing the development agreement with the city council is a vitally important piece of this quite complex jigsaw.
"Now, we must continue to work with the city council and others to satisfy the conditions that will allow us to deliver the project – not least of which is the anchor store letting."
And Jim Carr, the council's chief executive, said: "We're on the threshold of major regeneration and investment in Preston.
"Tithebarn is set to transform the city but no one is under any illusions.
"It has taken a great deal of time and effort to reach this agreement but there is still a lot more work to do."
Along with some of the other major regeneration schemes for the city, including the Riverworks project, it is hoped the Tithebarn scheme will push Preston forward to become the third city of the North West.
Coun John Collins, leader of the council, said: "Tithebarn is
important to the future success of Preston. It aims to provide new shops, leisure facilities, new homes and bus station for the city. Tithebarn has the potential to transform the city and deliver Preston's third city vision.
"We've worked really hard to get to this development agreement stage and it's an important moment for Preston, but this hard work must continue if we are to maximise Tithebarn's potential. There are hurdles ahead, like getting planning permission and a department store on board, but the council is totally focused on making Tithebarn a reality and will do whatever we can to achieve this."
In 2002, a draft masterplan for the Tithebarn area, drawn up by architects Terry Farrell and Partners, was proposed and full consultation carried out.
A revised masterplan was then agreed the following year, including options to look at suitable sites for a new bus station.
Since then, the council and Grosvenor have conducted detailed negotiations over the development agreement.
Coun Ken Hudson, leader of the Conservative group, said: "The development agreement is the cornerstone of the Tithebarn scheme. We know there's a lot more hard work ahead but the council is fully committed to Tithebarn and the potential future and investment it can deliver for Preston."
Liberal Democrat leader, Coun Christine Abram, said: "Tithebarn is the catalyst to turn Preston into the North West's third city.
"Potentially, it could bring hundreds of millions of pounds of investment into the area."
Secretary Julia Horn, of the Preston and District Chamber of Trade, is eagerly looking forward to the announcement of which firm will take up the role of the Tithebarn's flagship department store.
She said: "The news there is going to be another major national brand coming to Preston is another vital factor and great news for the city. It is a major attraction which will bring people from outside the area to the city and help improve what we already have here."
e-mail: emma.broom@lep.co.uk
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Weather for Preston
Tuesday 07 February 2012
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