Bolton Council and Beijing Construction and Engineering Group International (BCEGI) have agreed on heads of terms for the Chinese company to join a consortium that will execute the £1bn town centre regeneration project.
The council has confirmed in principle more than £250m private sector funding to develop a new retail and leisure destination that will replace the Crompton Place Shopping Centre on Victoria Square, as the first phase of the regeneration masterplan.
The council has worked with the Department for International Trade (DIT) and Greater Manchester Combined Authority (GMCA) to secure the involvement of Bolton Regeneration (BRL), a private consortium led by investment and development specialist Midia.
BRL has evoked interest from major institutional investors and agreed on the heads of terms with the Chinese company to join the consortium.
A formal announcement in this regard is expected to be made later in 2018.
The final selection of the preferred investor will be made in coordination with Bolton Council and its property advisors.
A Midia spokesperson said: “This investment is a fantastic opportunity for one of Greater Manchester’s largest towns to establish itself as major player within the Northern Powerhouse.
“Midia has extensive experience in partnering with public sector organisations and we look forward to working closely with Bolton Council to deliver a programme of regeneration that secures long-term economic growth for the town.”
BCEGI is also an equity and construction partner in the £1bn Airport City project at Manchester Airport and the preferred contractor for the £1bn Salford mixed-use development, Middlewood Locks.
The Bolton Council cabinet granted approval for the replacement of Crompton Place and the implementation of the Bolton town centre development framework in August 2018.
Property management company JLL will manage the existing retail space consisting of 46 retail units, kiosks, office accommodation and a 285-space car park covering more than 280,000ft².
Colliers International has advised Midia/Bolton Regeneration in this project.
Bolton Council leader Councillor Linda Thomas said that the BRL investment is an opportunity to transform Bolton town centre.
Image: Bolton Town Hall. Photo: courtesy of GOV.UK.