Contractors move in to commence work on the 600,000 sq ft SouthGate scheme in the heart of Bath, as Multi & Morley promise to deliver the scheme one year ahead of schedule.
Today Multi Development UK Ltd (Multi), developers of the £350m SouthGate regeneration scheme in joint venture with Morley, announced the commencement of construction on the 9-acre development site in the centre of Bath. It was also announced that the building programme would be brought forward by one year. The eagerly awaited development includes 37,567 m2 (404,221 sq ft) of prime retail space, 3,522 m2 (37,897 sq ft) of leisure space, 2,278 m2 (24,511 sq ft) of restaurant space, over 90 residential units, basement parking for 724 cars and a new public transport interchange. The start on site announcement comes shortly after Multi announced that it has secured Debenhams to anchor the scheme.
The development will significantly contribute to regenerating the Southgate area as well as enhancing Bath as a regional retail centre and international tourist destination. SouthGate will bring economic growth to Bath & North East Somerset, contributing to increasing levels of employment. It is expected that almost 1,000 permanent jobs will be created when the scheme is finished, with over 400 jobs to be created during the construction period.
Paul Sargent, Multi Development’s UK Managing Director, today said: “Today symbolizes the beginning of the end of the speculation surrounding Southgate. I’m delighted to announce the builders have moved on-site which signifies the next phase in the development of the City of Bath as a regional retail centre and international tourist destination.”
Cllr Colin Darracott, Executive member for economic development commented: “Every step taken to bring the new SouthGate development to fruition is excellent news. An official start date and a shorter programme of building shows that the city can work with good partners to regenerate areas badly developed in the past.”
Programme
The retail, leisure, residential and parking offer at SouthGate will be opened over a series of phases between autumn 2009 and autumn 2010. The scheme’s timeframe has successfully been brought forward by one year due to Multi and Morley’s proposals to build a temporary bus station at Avon Street. Work on the temporary bus station will commence immediately, which will bring about the closure of the existing bus station on Manvers Street. The new transport interchange will be operational from 2009.
Sir Robert McAlpine (SRM) and HBG have been awarded the building contracts for Southgate. Both Multi and Morley will retain equal ownership after completion.
Southgate will be completed by 2010.
Strutt & Parker and Cushman & Wakefield are joint leasing agents for SouthGate.
Profile Multi Corporation
Multi Corporation comprises a group of companies carrying out various disciplines throughout Europe in property development, investment, asset management and mall management. With a Morgan Stanley Real Estate Fund as its new financial partner, MULTI has strengthened its position to become an investing developer and move forward on its path to further growth. MULTI’s strategy is and remains focused on developing projects in European countries where significant growth is expected.
Profile Multi Development
Multi Development (formerly AM) develops large-scale mixed-use shopping centres, inner-city regeneration projects and offices that are innovative and appealing. The ‘Design & Development’ formula strongly focuses on design quality and MULTI has its own design group - T + T Design - for urban development and architectural concepts. MULTI’s projects are internationally recognized for their original and innovative nature, quality of architectural character and profound sensitivity to the blending of urban design. Our developments regularly act as the engine for regenerating a city or region. By respecting the uniqueness of the local culture and market we develop projects with which people can easily identify. Each time, our objective is to create an environment that captivates people.
Multi Development’s activities in 20 countries in Europe are conducted from offices in the Netherlands (head-office), Belgium, United Kingdom, France, Germany, Czech Republic, Poland, Spain, Portugal, Italy, Greece, and Turkey
In the UK MULTI have three inner-city regeneration schemes: Victoria Square in Belfast, Summer Row in Wolverhampton and Southgate in Bath.