A developer to help create a new Creative Quarter in Leamington Spa should be appointed in the next two months.
The opportunity for developers to bid for the £30m scheme, which is designed to build on the town’s strengths as a centre of creative industries and national Silicon Spa reputation, has now closed.
The successful firm will work with Warwick District Council to restore and develop a section of Old Town including Spencer Yard and the Royal Pump Rooms and create new spaces and facilities for creative industries which is also hoped to create around 300 jobs.
Plans for the scheme were showcased at the MIPIM property show to an international audience last year before applications to tender were invited, and will be highlighted at this year’s event in March.
Bill Hunt, Deputy Chief Executive of Warwick District Council, said there had been significant interest from several developers, and added that the council hoped to announce its preferred partner before the end of April.
“The Old Town scheme is not a standard urban development project and it is vital that we choose the right partner.
“We are looking for the scheme not only to restore several key buildings but also to create a new gateway to the town as well as improve the routes and environment from the railway station to the town centre.
“It involves high levels of restoration and refurbishment, but a suitable scheme will not only see those building brought back to life but will also aim to stimulate further investment.
“The town already has a national and international reputation for its creative and digital industries and we are continuing to see expansion and investment into those sectors so the timing could not be better for this work to take place.
“This area of Leamington is in need of investment to re-establish its economic value, character, and functionality and we are moving firmly forward with that aim. Once a development partner is appointed plans will accelerate.”
Hunt added that the council and the chosen developer were likely to put the final scheme forward for public finding support before work begins.
The four-day MIPIM show attracts more than 21,000 delegates from across the globe and sees cities and regions marketing development opportunities to all sectors of the property industry.
Warwickshire has partnered with Coventry and its MIPIM Partnership will see a group of companies and organisation support its presence, run a stand and host a number of events.