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Regional director of Muse Developments, active in many town and city centres in the North West, spells out the lessons learned from developing in today's market
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Future of Town Centres
A developer’s perspective
Mike HornerRegional Director
Muse Developments
Content
> Town centres today
> Thriving town centres of tomorrow?
> Challenges facing developers
> Some current Muse solutions
Town centres today
What are town centres for?
Not just a High Street
> Complex multi-use places
Retail
Cultural Facilities
Residential
PublicServices
Leisure & Entertainment
Offices &Commercial
TownCentreProfessional
Services
Town centre jobs
Town centres are leaking jobs
Town centre jobs
Medium and small towns are fighting a losing battle
Spheres of influence
Cities taking over
> TTWA
> Retail catchments
> Tiers 1 & 2 getting larger
> Tiers 4 & 5 getting smaller!
Town centres suffering
> Too much competition(retail, commercial and residential)
> Business rates too high
> Retailers going to the wall
> Office space being rationalised
> Budgets being cut
> Planning policy too weak
And it’s not going to get any easier ...
The reasons:
> Economy struggling/ fragile
> Changing retail habits
> Businesses going global/ clustering
> Changing social habits
> Ageing population
> Footfall dropping
Thriving town centresof tomorrow?
Which town centres are going to be successful?
> A clear vision and a viable masterplan
Which town centres are going to be successful?
> A clear vision and a viable masterplan
> A comprehensive mix of uses
Which town centres are going to be successful?
> A clear vision and a viable masterplan
> A comprehensive mix of uses
> Provision for motorists
Which town centres are going to be successful?
> A clear vision and a viable masterplan
> A comprehensive mix of uses
> Provision for motorists
> Public transport connections
Which town centres are going to be successful?
> A clear vision and a viable masterplan
> A comprehensive mix of uses
> Provision for motorists
> Public transport connections
> Interesting spaces/ unique environments
Which town centres are going to be successful?
> A clear vision and a viable masterplan
> A comprehensive mix of uses
> Provision for motorists
> Public transport connections
> Interesting spaces/ unique environments
> An evening economy
Which town centres are going to be successful?
> A clear vision and a viable masterplan
> A comprehensive mix of uses
> Provision for motorists
> Public transport connections
> Interesting spaces/ unique environments
> An evening economy
> Proactive/ intensive space management
Challenges facing developers
What are the main problems andchallenges facing developers in town centres?
> Viability
What are the main problems andchallenges facing developers in town centres?
> Viability
> Funding
What are the main problems andchallenges facing developers in town centres?
> Viability
> Funding
What are the main problems andchallenges facing developers in town centres?
> Viability
> Funding
> Occupier demand
What are the main problems andchallenges facing developers in town centres?
> Viability
> Funding
> Occupier demand
> Fragmented ownership
What are the main problems andchallenges facing developers in town centres?
> Viability
> Funding
> Occupier demand
> Fragmented ownership
> Local authority budget cuts
What are the main problems andchallenges facing developers in town centres?
> Viability
> Funding
> Occupier demand
> Fragmented ownership
> Local authority budget cuts
> OJEU procurement process
What are the main problems andchallenges facing developers in town centres?
> Viability
> Funding
> Occupier demand
> Fragmented ownership
> Local authority budget cuts
> OJEU procurement process
> Politics
Some current Muse solutions
Talbot Gateway, BlackpoolA partnership with
Town centre regeneration with 1.1 million ft2 of development - hotels, offices, a supermarket, retail/ leisure space, car parking and a new transport interchange £175m
Talbot Gateway, BlackpoolA partnership with
Talbot Gateway, BlackpoolA partnership with
Sainsbury’s – 130,000 ft2 gross with 608 parking spaces, under construction
Salford CentralA partnership with
We are regenerating Salford’s civic and historic centre with over 2 million ft2
of commercial space, 280,000 ft2 of active uses, a hotel and 850 new homes £650m
Salford CentralA partnership with
Chapel Street (A6) – Salford’s original High Street
Salford CentralA partnership with
Vimto Gardens – 83 apartments and 14 town houses, under construction
Stockport ExchangeA partnership with
370,000 ft2 of offices along with attractive public spaces outside the railway station, improved car parking facilities and a wide range of cafes and shops at ground floor £145m
Stockport ExchangeA partnership with
1,000 space multi-storey car park, pre-let to NCP and under construction
Stockport ExchangeA partnership with
Office buildings, ground floor active uses, hotel and high quality public realm
City Place, ChesterA partnership with
A new Central Business Quarter offering prime office space and supportingresidential in ten buildings on 3.5 acres (planning consent secured) £120m
City Place, ChesterA partnership with
City Place, ChesterA partnership with
Summary
> Town centres facing huge challenges
> Residential and mixed-use the way forward
> No single funding solution
> Clear vision and strong leadership
> A couple of thoughts:
- Enterprise Zones
- Town Centre funding pot
Future of Town Centres
A developer’s perspective
Future of Town Centres
A developer’s perspective
Mike HornerRegional Director
Muse Developments
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