Swindon signs £200m regeneration deal

August 19, 2008

The regeneration of Swindon town centre has taken a step forward with the signing of a Development Agreement which will bring more than £200m pounds of private and public sector investment into the town centre, and deliver one of the largest regeneration projects in the South West.

Modus Properties has committed to deliver Regent Place, a £215m scheme, comprising 32,500 sq m of high quality retail, residential, leisure and car park spaces.

This development represents the start of a new era for Swindon. Given the current difficult economic climate and the fact that many regeneration schemes around the UK are being stalled, this agreement re-affirms confidence in the town. Regent Place will bring nearly a quarter of a billion pounds worth of investment into the town centre – and with another Development Agreement on track to be signed by Muse Developments in the very near future, the long-term future of Swindon looks secure.

Cllr Phil Young, Swindon Borough Council Cabinet member for Economic Development and Regeneration, said: “Given the current gloomy economy, the signing of this agreement really puts Swindon step ahead of many other regeneration schemes in the UK. This has all come as a result of extensive work by all the partners involved, and is a true sign that progression is being made in the town centre. Regent Place is the first step in part of a bigger picture – of a Swindon where people want to be. This scheme is a major priority for Swindon and will be promoted and defended energetically; given the wide reaching role it’s considered to play in driving the longer term regeneration of the town.”

Neal Dale from Modus added: “Regent Place will make a huge difference to Swindon town centre, providing the type of retail and leisure facilities that will bring in visitors from miles around. Swindon has been crying out for redevelopment for some time and we are extremely proud to be a part of it.”

Peter James, chief executive of The New Swindon Company, said: “Considering the economic conditions currently facing the UK we are delighted to be able to announce the completion of the Development Agreement with Modus and the Muse Agreement which will be completed quite soon.

“Swindon is bucking the national trend – the town has absolutely massive potential and these developments, which are a major investment into Swindon’s future, will go a long way to realising it. They will provide the quality of design and new facilities that the town deserves, benefiting those who live, work and spend time here.”

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