Isle of Man, UK (PRWEB UK) 28 March 2014
RPW (Southampton) Limited, a joint venture company owned by Morgan Sindall Investments Limited (“MSIL”) and funders Lucent Group (“Lucent”), has signed a development agreement for the regeneration of the Royal Pier Waterfront in Southampton. MSIL is the investment division of construction and regeneration group Morgan Sindall Group plc. Lucent Group is a strategic land development and land investment company specialising in funding regeneration throughout the UK. The development agreement, signed with landowners Southampton City Council, Associated British Ports and The Crown Estate, requires the preparation and submission of a planning application for a comprehensive mixed-use development of the site.
Lisa Scenna, Managing Director of MSIL, said in a statement: “We are delighted to achieve this important milestone in partnership with our funders and the landowners.”
The plans to develop the waterfront area are a key part of Southampton City Council’s vision to regenerate the city through seven ambitious projects. The existing listed Royal Pier, damaged by a fire and storms, has lain disused and dilapidated for many years. The development plans aim to transform the area, reconnecting the people of Southampton to a waterfront of which they can be proud.
“We are very excited by these proposals,” stated Simon Letts, Leader of Southampton City Council. “The Royal Pier Waterfront development is the flagship project in our overall plan to further enhance our city’s reputation as a first-class destination to live, work and visit”.
A full mixed-use development is proposed on the 32-acre site adjacent to the Town Walls and Port of Southampton. The project, which will be delivered in phases over a number of years, will include offices, hotels, leisure, food, drink and retail, as well as a residential development of waterside apartments and enhancement and improvement of the existing public facilities at Mayflower Park.
RPW (Southampton) Limited will now proceed with the preparation and submission of a planning application for the Royal Pier Waterfront, and obtaining the necessary statutory consents for a project of this scale and complexity.
"We understand how important the Royal Pier site is to the future development of the City's waterfront, said Southampton Port Director Nick Ridehalgh. “Given this, we welcome the completion of the development agreement."
Charles Flynn, Chief Executive of Lucent Group, said: “This mixed-use development is planned with the goal of bringing the people closer than ever before to the history and beauty of one of the world's most important ports. Lucent Group’s involvement will help to ensure the success of the development by providing secure funding as well as vital land delivery expertise”.