An agreement has been reached to sell a patch of land to developers in Bolton town centre.
The Church Wharf site lies just off the River Croal backing onto Bank Street and Manor Street and will be a £75M development by Watson Homes including a hotel and more than 400 homes.
The sale by Bolton Council at a nominal fee of £1 per phase over four phases was agreed last week despite a heated debate at town hall.
Council leader Cllr Nick Peel said: “Plans to regenerate Church Wharf were first put forward in 2008, but the nature of the site meant potential developers could not be sure of making a profit.
“This is exactly why we established the £100m town centre master plan, to close this viability gap by acquiring and clearing sites ourselves before working collaboratively with the private sector to bring forward projects that will benefit everyone in Bolton.
“Without interventions of this type, the regeneration of our town centre would simply not have been possible.
“This agreement means work can start quickly, unlocking £75M in construction spending, creating jobs and new homes, while also securing the council a share of any eventual profits.”
The phased land sale was agreed at a council cabinet meeting.
This came despite questions from opposition Conservative councillors on why the land could not be handed to the developers on a long-term lease basis instead.
Horwich and Blackrod First leader Cllr David Grant also asked why the land was being handed over at such a low price at a time the council was being forced to make cuts.
He said: “We can’t sit here flogging off our last remaining assets for zero, while still claiming poverty.
“We’ve had cuts, we’ve had austerity for 14 years but you know what, let’s just give this site away for free.”
But supporters say that an independent assessment found that it will lead to a £75M direct spent in construction, create 1,500 jobs, and add £64m gross value to the Bolton economy.
They say the complete development will provide homes for more than 1000 people, who will spend around £7M a year on goods and services in the area.
The sale was approved after an attempt by Cllr Grant to call the decision in for further scrutiny was withdrawn.
Bolton Council deputy leader Cllr Akhtar Zaman said: “As shopping habits change, we are reimagining our town centre with the right mix of residential, hospitality, leisure, employment and retail offer.
“Not only does this deliver much needed new homes, but our focus on repurposing brownfield sites has protected our borough’s precious greenbelt from development.
“Alongside our major events and cultural offer, we are working to create a vibrant and exciting town centre where people want to live, work, visit, study and invest.”
Watson Homes was chosen from a short list of five developers to work on the site and hopes to submit full planning applications soon.
Director Rob Watson said: “We are pleased to have agreed terms with Bolton Council for the purchase of Church Wharf, a project central to the regeneration masterplan of Bolton.
“Church Wharf will play a transformative role in the redevelopment of Bolton town centre, boosting its local economy and enhancing the lives of its community.
“This mixed-use development is a significant project for Watson.
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“We are active members of the Bolton community and fully committed to making long-lasting positive change for current and future residents by creating this town centre neighbourhood.
“We’re excited to bring forward our proposals for the delivery of upwards of 400 homes, a hotel, new bars, restaurants and cafes, as well as commercial space on this brownfield land.
“Church Wharf will provide a great selection of high quality, high specification homes with a selection being available for affordable tenures. The 120-bed hotel will provide employment to the local community and encourage footfall in the surrounding area.
“We are now moving forward towards submission of our planning application and hope to begin work as soon as possible on this fantastic development.”
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