Partners agree funding deal for Rochdale scheme

 Proposals to regenerate part of Rochdale's town centre have taken a step forward after the council's development partner Genr8 agreed a funding deal with real estate investor Kajima.

Under the deal, Kajima will provide Genr8 – a joint venture between Chelsfield Partners and former Amec executive chairman John Early - with the funds needed to reach the construction phase of the project.

Genr8 was selected as Rochdale Metropolitan Borough Council’s preferred development partner for proposed town centre retail and leisure development last year.

The proposals for the project include a new supermarket of up to 7,432sq metres, a department store, additional retail and leisure facilities and improved car parking. Genr8 intends to submit an outline planning application for the scheme next year.

Mike Smith, a partner at Genr8, said: "We have been looking to work with Kajima for some time and it was really a question of finding the right project on which to collaborate."

Irene Davidson, leader of Rochdale Council, said: "This is another important milestone for Rochdale town centre. We very much welcome the funding partnership and we look forward to working with Genr8 to progress a scheme through to planning application stage."
 

www.regen.net 06/09/2010