Southgate Redevelopment Project
Latest News:
A gallery of images for SouthGate and the transport
interchange are available to view via the
web showing what SouthGate will look
like by the end of 2010 click here to
view.
Newsletter issued by Multi Development - Click
here to view the Autumn issue.
Introduction
In
2003 planning approval was granted for the re-development of
the Southgate area of Bath, creating six new blocks made up
of:
- 37,000 m² of retail space, which will be an increase of
17,000m² on the current area. This will include a
department store and a variety store;
- 3,500m² of leisure space;
- 2,300m² of restaurant space;
- 93 residential units, 23 of which will be affordable
housing;
- New public transport interchange, including a new bus
station;
- New and improved public realm, including new streets and open
spaces
- 724 car-parking spaces.
The parties involved in the project are:
- Freeholders : Bath & North East Somerset Council
- Lessee: CGNU Life (with Morley Fund Management as their fund
managers)
- Developer/Investor: Multi Development UK,
as Morley Fund Management’s Joint Venture Partner
CGNU had a long lease of just the shopping centre with 60 years
still to run. They own land outside the existing shopping
centre, and so does the Council.
In 2005 CGNU and the Council signed a new long lease which will
be preceded by a Building Agreement. The Building Agreement
will ensure that the redevelopment of the centre is carried out as
agreed, and will include compliance with the conditions of CGNU's
planning consent Also in 2005 to assist and
ensure there are no land assembly impediments a
Compulsory Purchase Order was made to acquire all the land and
rights necessary for the scheme to proceed.
In October 2006 Multi Development UK Ltd became CGNU/Morley
Fund Management’s Joint Venture Partner. Multi Development is
committed to delivering Southgate within the shortest possible time
frame, and expect to be on-site with construction early in 2007
doing everything within its power to deliver the total
redevelopment completed by 2011.
Debenhams has confirmed it is taking a 25 year lease of the
125,000 sq ft anchor department store, and will trade from four
levels in the new building located at the corner of Manvers Street
and Dorchester Street.
MULTI DEVELOPMENT UK LTD – Morley Fund
Management’s Joint Venture Partner
Morley’s selection of Multi Development’s proposal to become its
Joint Venture Partner for the Southgate Redevelopment Scheme was
based on Multi’s development approach, design quality and extensive
experience with similar intricate projects in historical
cities.
With over 100 retail led mixed use developments completed in the
last 25 years across Europe, Multi is well placed to deploy its
experience and knowledge of city centre redevelopment projects of
this complexity having worked in Maastricht, Amsterdam, Rotterdam,
Antwerp, Paris, Vichy, Lisborn, Aveiro, Girona and many other
historic cities.
PROFILE
Multi Corporation
Multi Corporation (formerly AM Development) comprises a group of
companies carrying out various disciplines throughout Europe in
property development, investment, asset management and mall
management. With a Morgan Stanley Real Estate Fund as its new
financial partners, Multi has strengthened its position to become
an investing developer and move forward on its path to further
growth. Multi’s strategy is and remains focused on developing
projects in European countries where significant growth is
expected.
Multi Development
Muti Development (formerly AM) develops large-scale mixed use
shopping centres, inner-city regeneration projects and offices that
are innovative and appealing. The ‘Design & Development’
formula strongly focuses on design quality and Multi has its own
design group – T+T Design – for urban development and architectural
concepts. Multi’s projects are internationally recognised for
their original and innovative nature, quality of architectural
character and profound sensitivity to the blending of urban
design. Multi’s developments regularly act as the engine for
regenerating a city or region. By respecting the uniqueness
of the local culture and market Multi develop projects with which
people can easily identify. Each time, Multi’s objective is
to creat an environment that captivates people.
Multi Development’s activities in 18 countries in Europe are
conducted from offices in the Netherlands (head-office), Belguium,
United Kingdom, France, Germany, Czech Republic, Poland, Spain,
Portugal, Italy, Greece and Turkey.
In the UK Multi has three inner-city regeneration schemes:
Victoria Square, Belfast
Summer Row, Wolverhampton
Southgate, Bath
For further information or images please contact:
Multi Corporation,
Sandra Dijksman, Press Office
Tel: +31(0) 182 690 900
Email: sdijksman@multi-development.com
Multi Development UK Ltd
Mary Toner, Marketing & PR Manager
Tel: +44(0) 28 9023 4999
Email: mtoner@multi-development.com
