West Northamptonshire Council and English Cities Fund (ECF), a joint venture between Legal & General, Homes England, and Muse, have formalised an agreement to initiate the Greyfriars regeneration project in Northampton, England.
The scheme aims to revive a part of the town centre into an inclusive community space with over 1,000 new homes, as well as employment opportunities, green spaces, and cultural destinations.
The 25-acre regeneration area encompasses several key sites, including the former Greyfriars Bus Station and the Corn Exchange.
The development plans promise a diverse residential offering, with affordable housing, build-to-rent options, and student accommodation.
The project will also introduce new retail, café, and restaurant spaces, alongside leisure facilities.
A significant aspect of the Greyfriars scheme is the creation of a public realm, featuring an outdoor amphitheatre and revitalised green spaces.
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By GlobalDataThe development will also focus on improving pedestrian and cycling routes, fostering sustainable travel and better connecting Greyfriars with the wider town centre and adjacent communities.
During the construction phase, up to 7,000 full-time equivalent jobs are expected to be created. The scheme is also anticipated to unlock over £1bn ($1.35bn) in economic value.
Upon completion, the development could increase local spending by approximately £21m annually, offering a boost to businesses throughout Northampton and the broader West Northamptonshire region.
ECF chair Sir Michael Lyons said: “West Northamptonshire Council has set out a bold vision for Greyfriars and we are looking forward to our collaborative and positive partnership.
“Entering a development agreement will enable us to take the next important step in the delivery of this important opportunity. It’s a chance to enhance Northampton town centre with new homes, workspaces, retail, culture, and public spaces.
“Together, we will move at pace to deliver a master plan proposal which delivers against this opportunity.”
Community engagement with locals during the development process is stated to be integral to shaping the redevelopment of the Greyfriars area.
This development agreement follows a development management services agreement signed this January.
