Interchange partners sign development agreement
Released: 8 January 2008
A major milestone in a multi-million pound project to regenerate a key part of Wolverhampton city centre has been reached with the signing of the Master Development Agreement.
The document for the Interchange project, which will see up to £200 million invested in the city, was signed by the partners, Wolverhampton City Council and Neptune Developments Ltd at the end of 2007.
Project proposals include a new bus and train station, commercial offices, 76 new apartments, high quality public spaces and a canalside cultural quarter.
The development agreement outlines each partner’s roles and responsibilities in the scheme and is the culmination of more than 12 months of intensive work which has been ongoing since Neptune was appointed as the council's preferred development partner in November 2006.
During this time the project has progressed rapidly in terms of planning and development while further partnerships have been established with stakeholders including British Waterways, Virgin Trains, Network Rail and Centro.
The signing of the agreement will enable the project to be implemented in phases, each of which will be brought forward when all the relevant technical, financial and legal conditions have been met.
Councillor Peter Bilson, Wolverhampton City Council’s Cabinet Member for Regeneration and Enterprise said: “I am delighted that the confidence of the partners has risen to the point where we are committing to the further development and implementation of the project through the signing of this agreement.
“This project is a major investment in Wolverhampton which will create almost 3,000 jobs. In addition, the scheme will link two of the city’s major transport hubs and create a 21st century gateway to one of the Midland’s fastest growing business and leisure destinations.
“This is a very exciting time for Wolverhampton with a range of schemes regenerating the city to the benefit of everyone who lives and works in Wolverhampton as well as visitors to our city.”
Rob Mason, Development Director at Neptune Developments said: “We are absolutely delighted to have concluded this agreement and look forward to working with the council and their partners to turn this exciting vision into a reality.
“Wolverhampton is a growing commercial centre and the Interchange project will create a stunning new addition to an attractive and thriving city centre.”
The next key milestone will be the submission of a planning application in the spring.
The details of this are being worked on and, during the next few months, Neptune will be seeking the views of the general public, stakeholders and public and private organisations on the scheme.
Subject to planning permission, the first phase of work will feature the new railway station with a 1,200 space car park on the top of the building. A start on site is planned for spring 2009 with completion scheduled for summer 2010.
Work on the new bus station will then begin, with a target completion date of 2011. The overall project completion is scheduled for the end of 2013.
Issued by the press office.