The Beijing Construction and Engineering Group International (BCEGI) has been selected to join a consortium to build a new £250m retail and leisure destination in Bolton as the first phase of a £1bn regeneration masterplan.
The private consortium Bolton Regeneration Limited (BRL), which is led by investment and development firm Midia, this week agreed heads of terms with BCEGI on the deal to replace the existing Crompton Place shopping centre.
A formal announcement will be made in the autumn. The final selection of the preferred investor will be made in conjunction with Bolton Council and its property advisors.
It is the latest significant deal for BCEGI, which is an equity and construction partner in the £1bn Airport City project at Manchester Airport and the preferred contractor for the new £1bn Salford mixed-use development, Middlewood Locks.
A spokesperson from Midia said: "This investment is a fantastic opportunity for one of Greater Manchester’s largest towns to establish itself as major player within the Northern Powerhouse. Midia has extensive experience in partnering with public sector organisations and we look forward to working closely with Bolton Council to deliver a programme of regeneration that secures long-term economic growth for the town.”
Leader of Bolton Council, councillor Linda Thomas, described the investment by BRL as a “huge opportunity” to transform Bolton town centre.
She added: “This is a fantastic vote of confidence in our town and in our council. It enables us to move forward with the delivery of our masterplan and will act as a catalyst for other developments across our borough.
“I look forward to being able to make further announcements about the investment later in the year.”
