Thu, 20 Sept 2018
WORK to redevelop Newbury’s Market Street is set to begin in December after developer Grainger signed a £52m deal with a contractor.
Grainger has appointed Engie Regeneration as the main building contractor for the flagship scheme, which will result in an ‘urban village’ of 232 rented flats in buildings up to six-storeys in height and a 497-space multi-storey car park being built on the site of the current bus station.
The developer – the UK’s biggest private landlord – announced on Tuesday that it had signed a construction contract, which is expected to boost its secured private rent sector (PRS) investment pipeline by £61m.
Grainger chief executive Helen Gordon said: “We are pleased to announce this key milestone for our Newbury PRS scheme, which increases our secured investment pipeline to over £800m.
“This scheme will deliver 232 high-quality new homes for rent to Newbury, and it will significantly improve the gateway to Newbury and connection to the railway station and station amenities.”
A new bus station is currently under construction at the Wharf and is expected to open in December.
The scheme forms a key component of West Berkshire Council’s Newbury Vision 2026 to create a gateway into the town.
The council faced a backlash when it was revealed that it had given the 5.5-acre site, valued at £3.9m in 2013, to Grainger for free.
Further criticism came after Grainger announced that only 13 of the 232 homes would be affordable due to viability reasons.