Chester Renaissance Northgate Development Scheme
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25 February 2009
Chester City Council, ING Real Estate and Land Securities to explore revised scheme for Northgate ING Real Estate, the company behind the proposed Northgate development, and Chester City Council, have announced that they have agreed a new collaboration with Land Securities to investigate a revised scheme of development for the Northgate area of the city centre. The original proposal has been undermined by the significant effect that the current economic climate, over the last 18 months, has had upon the whole of the commercial property sector. Across the Country, schemes in various towns and cities including Portsmouth, Oxford, Sheffield, Stockport, Hatfield and Newport have been delayed and cancelled. The appointment of Land Securities, the UK’s largest commercial property group, is a major boost to the project. Previous Land Securities’ schemes have secured the British Shopping Centre Industry’s prize for the best retail development, in each of the last four consecutive years. The Cabot Circus scheme In Bristol, also was voted Best International Shopping Centre, at the European Shopping Centre Awards. Land Securities other award-winning projects include the regeneration of the historic centres of Canterbury and Exeter, providing excellent experience for the challenges of Chester. Land Securities will work in partnership with ING and the Council to explore the viability of a scheme that will deliver benefits for all stakeholders. David Alker, Development Director of ING Real Estate commented: "We have been in detailed discussions with a number of potential partners for the project and are delighted to have been able to select one of the UK’s leading property companies from keen competition between other potential partners." The Northgate Development is a key project in the Chester Renaissance, a programme of new development and city centre improvements that will make Chester a must see European city . Chester City Council Executive Member for Development, Councillor Stuart Parker said: "We are delighted that Land Securities has joined the partnership and we look forward to working with them and ING to progress the Northgate Development " CEO of Chester Renaissance Rita Waters also welcomed the new partner ‘Land Securities involvement with the Northgate Development is great news for Chester. The development will ensure that the city is a wonderful place for people to live in or visit and an outstanding setting for business." Steve Wehrle, Land Securities commented: "The current economic climate is limiting new development right across the Country. We believe, however, that Chester is a scheme that has potential, and could support a first rate retail-led development. Land Securities’ strength of experience allows us to use these difficult times to identify, research and refine the very best development opportunities, so that they can be brought forward, at the earliest appropriate time." Ends Press release issued by: For further information contact: Gerwyn James Melissa Winsor About ING Real Estate ING Real Estate ranks among the world’s leading real estate companies and serves a broad client base from offices in 22 countries in Europe, North and South America, Asia and Australia. ING Real Estate is part of ING Group, a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 130,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future. About Land Securities The retail investment portfolio has more than 50 retail parks and shopping centres including Bristol’s Cabot Circus and Exeter’s Princesshay. Half of the Land Securities’ portfolio is in London, where it owns landmark buildings such as the Piccadilly Lights and Westminster City Hall. Land Securities’ multi billion pound development programme is transforming regional city centres including Cardiff and Leeds, revitalising the capital with innovative mixed-use schemes such as One New Change opposite St Paul’s cathedral and Park House on Oxford Street, and delivering long-term, large-scale regeneration projects in the South East.
www.chesterrenaissance.co.uk
gerwyn.james@halogenuk.com
T: +44(0)20 7087 3260
M: +44(0)7970 787 315
Melissa.winsor@landsecurities.com
T:+ 44(0)207 024 5079
M:+44(0)7768 936 340
ING Real Estate is an integrated real estate group focused on the investment management, finance and development of quality real estate in all major global markets with a total portfolio of over EUR 100 billion.
Land Securities is the UK’s leading Real Estate Investment Trust with a national portfolio of commercial property worth around £12 billion.
