Council picks Churchill Place partner
by Jim Dunton Thu 19th September 2013, 12:16 pm
Muse Developments has been chosen as Bromley Council's preferred partner for its Churchill Place scheme.
As Invest Bromley reported in November last year, Muse was one of three developers shortlisted for the scheme to create 1,180 new homes, 20,000 sq metres of additional retail space, and new communities in the town centre.
Councillors on the council’s renewal and recreation policy development committee were told this week that members of the authority’s executive had now agreed that Muse should be picked for the scheme, and that a 12-month exclusivity period should be entered into.
Head of renewal Kevin Munnelly said the agreement was currently being drafted and Muse and the council would work together to refine the scheme, start the planning design, and work on the proposal’s viability.
“Officers are currently assessing the financial appraisal and cost/revenue assumptions that underpin the development proposal,” he said.
“Initial assessments would suggest that some form of council investment, particularly around land acquisitions, will be required to secure the full implementation of the masterplan proposal.
“The site acquisition costs for the first phase of the masterplan have been estimated at £37 million.”
Munnelly added that Montagu Evans, the council’s development advisors, said Muse was“an excellent partner for long-term projects being delivered in partnership with a local authority” and that its architect, Holder Mathias, had brought forward a comprehensive design and masterplan solution that responded well to the council’s brief.
Montagu Evans said Muse’s vision for Churchill Place would be “to the betterment of the town” if it met their own quality ambitions and was “sufficiently complementary” to the town’s existing retail offer.
However it added that the scheme’s biggest current challenges were its site assembly, viability, and the securing of an anchor store.
The two unsuccessful developers short listed for the Churchill Place brief were Barratt Developments and Kier Property.