Funding secured for major development in Rochdale town centre

A new deal has given a major boost to plans to regenerate Rochdale Town Centre.

Rochdale Borough Council’s preferred development partner Genr8 Developments has agreed terms with Kajima Partnerships Ltd who are to be engaged as the scheme’s funding partner. The partnership will now move forward with its development scheme which is part of a £250 million investment in the Town Centre.

Genr8 now intends to commence works on its Outline Planning Application for the town centre development – which is set to feature a new department store, numerous new retail outlets and a hotel. A period of public consultation will follow and the final plans are due to be submitted to the council in 2011.

Council Leader Councillor Irene Davidson said, “This is another important milestone for Rochdale town centre, with construction of the Sixth Form College complete, the building of the new civic offices underway and the Metrolink due to arrive in the town. We very much welcome the funding partnership and we look forward to working with Genr8 to progress a scheme through to planning application stage.”

Deputy Council Leader Councillor Ashley Dearnley said the news has put the regeneration of the town centre in the best position to progress, “This is a real opportunity for Rochdale, and another important part of the transformation of our town, bringing new jobs and opportunities. I welcome this huge investment which will take the town forward.”

John Hudson, Chief Executive of Rochdale Development Agency, said, “We regard this as another positive step forward for our development plans in Rochdale town centre. The association between Genr8 and Kajima Partnerships is expected to further strengthen the public and private partnership we have already established with Genr8, bringing additional expertise and resources.”

Kajima Partnerships Ltd is the UK subsidiary of the Japanese-based Kajima Corporation and has agreed terms to become Genr8’s funding partner for the project.

Mike Smith, Partner of Genr8 Developments, said, “We have been looking to work with Kajima for some time and it was really a question of finding the right project on which to collaborate. We believe that our respective skills are ideally suited to the Rochdale town centre regeneration and the partnership will now be working hard to bring our proposals to fruition.”

Kajima Partnerships has invested more than £500 million in projects in the UK over the last 10 years.

Julian Rudd-Jones, Managing Director of Kajima Partnerships, said, “Kajima Partnerships has a long and successful track record of investing and developing in real estates in partnership with the private and public sectors. We look forward to working in Rochdale with our partners and clients to revitalise the town centre.”