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Business Solutions
Case Study
Basingstoke, Festival Place
To advise on the development potential of the New Market Square site and to secure the regeneration of the wider town centre.
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- Basingstoke & Deane Borough Council
- Basingstoke & Deane Borough Council
The Challenge
To advise on the development potential of the New Market Square site and to secure the regeneration of the wider town centre.
Our Impact
Cushman & Wakefield co-ordinated the selection of a development partner and supported the nomination of Grosvenor Estate Holdings as the Council’s development partner.
C&W prepared a full Development Brief for a retail and leisure scheme. Following approval of the proposed scheme we acted for the Council to deliver the Development Agreement and the Headlease.
Legal documentation was exchanged in 1996 and the CPO Inquiry took place in May 1997 with C&W appearing in support of the Council at the Inquiry. The Order was confirmed by the Secretary of State in November 1997. The acquisition of the head leasehold interest in the adjacent shopping centre The Walks, led to a revised consent to secure integration of the two centres and provide a town centre multiplex cinema. The revised Development Agreement and Headlease improved the Council’s financial return.
C&W acted throughout to assemble the sites, advise on CPO compensation negotiations and were retained as joint letting agent for the 85,000m² scheme.
Our Outcome
C&W promoted Festival Place and was involved in all aspects of the development process from its inception. The scheme (which opened in 2002) transformed the town centre and has introduced a strong leisure element for the first time.
| For more information contact: Alistair Parker +44 20 7152 5203 Alistair.Parker@eur.cushwake.com Sue Stephens +44 20 7152 5204 Sue.Stephens@eur.cushwake.com |
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