03/01/2008 - Step Forward for Grosvenor/Greyfriars Development
The multi-million pound redevelopment of Northampton's premier shopping centre has moved a major step forward.
Legal & General, owners of the Grosvenor Centre, have signed an agreement with Northampton Borough Council, owner of the adjoining Greyfriars bus station. The 'heads of terms' agreement is a milestone in the redevelopment of the shopping centre. It formalises the principles of the two organisations working together.
Northampton Borough Council cabinet member for regeneration, Cllr Richard Church, said: "This is a major step forward. The Grosvenor Centre and Greyfriars redevelopment is the single biggest investment in our town centre. Once it is completed this will significantly improve the shopping offer for Northampton residents and visitors, and provide a new centre that we can all be proud of."
Helen Gordon, Director of Legal & General Property, commented: "We are delighted to have reached this agreement with Northampton Borough Council. There is a long way to go, but we look forward to working together with the Council and the public in the months to come to deliver our shared vision of a regenerated Grosvenor Centre."
Leader of Northampton Borough Council, Cllr Tony Woods, said this was the first stage of a long and complex project: "The builders will not start work for a few years yet as there's lots of detailed design and planning still to do, but it is a great achievement."