This joint venture business has been created so it can bring forward plans for the redevelopment of Bournemouth town centre. In total, it will deliver £0.5bn of development over its 20-year life. Our dedicated team based in Bournemouth is delivering a significant programme of joint developments with BCP Council.
The first schemes were £40m of housing, student accommodation, commercial space and public parking Madeira Road and at the Citrus Building. This was followed by a £27m build-to-rent scheme, Berry Court, which was completed in October 2018. A residential scheme at St Stephen’s Road is due for completion in the second quarter of 2020 and will be handed back to BCP Council to be run by them as a private rental scheme, predominantly aimed at families.
The next phase of activity is the commencement of the strategically important £150m Winter Gardens mixed use development. This will redevelop an iconic but long-underutilised site in the centre of Bournemouth and will be one of the largest developments on the south cost. In concept development currently is a further £150m+ site delivering an HQ office, residential, commercial and cap parking on the Cotlands and York Road sites in the Lansdowne Quarter of the town.
An initial tranche of seventeen joint developments were identified at the outset of the venture, with a total gross development value of circa £500m, with the potential to add further sites and activity as opportunity arises. The Winter Gardens scheme is a good example of where both partners have purchased the last piece of land to unlock and enable comprehensive redevelopment. The Joint Venture is further evaluating additional sites in the wider area.
Benefits to the Council
Madeira Road, completed in Summer 2014
- Much-needed high quality town centre accommodation for 378 Arts University Bournemouth (AUB) students
- A multi-storey public car park offering 382 spaces, now a prominent colourful landmark alongside the Wessex Way
The Citrus Building, completed in Spring 2015
- The Citrus Building played an important role in helping to bring new vitality, homes and businesses into the Horseshoe Common area
- It comprises commercial space and 64 modern apartments from studios to three bedrooms, all of which were sold on the open market by Spring 2016. 47% of purchasers were first time buyers.
Berry Court, completed in Autumn 2018
- The award-winning Berry Court was designed as a ‘build to rent’ development, aimed at people who may not be ready or able to buy their own home or do not want to
- The £27m development in the town centre delivered 113 rental properties together with a new multi-storey car park that has re-provided 155 public spaces
- The ‘Build to Rent’ model offered tenants secure tenancy agreements, zero administration fees and a professionally managed building, which has continued to be very popular with residents
- Providing safe, secure, high quality housing aimed at younger residents has helped to build a thriving community feel at Berry Court
St Stephens, due to be completed by the end of 2020
- On the site of an underused carpark on St Stephen’s Road, the £12m project will create 46 new one-, two-, and three-bedroomed apartments
- The development, aimed specifically for rental to the family market, has been designed to complement rather than detract from the neighbouring St Stephen’s Church, helping to maintain the distinctive sense of place on St Stephen’s Road
- BCP Council will retain ownership of the site following completion, with plans to operate it as a private-sector rental scheme
Winter Gardens, completion date TBC
- Winter Gardens has been designed with the future in mind, creating a distinctive, green destination in the centre of town enabling communities to live in the town centre.
- Over 350 new homes for a mix of tenants built to the highest environmental standards, making them affordable to run now and in the future
- Features designed to encourage people to reduce their carbon footprints by providing town centre living, cycle storage, electric vehicle charging points, modern heating solutions and green roofs.
- A Green Corridor that maintains the mature trees and green spaces along the edges of the site to provide public amenity and play space while also providing separation to the existing buildings to the north of the site.
“To date BDC has been able to make significant capital and revenue contributions to the Council, has delivered new homes with a range of tenure mix and contributed significantly to the local economy. The success of BDC has been a key factor in attracting a further £250m of investment into the Town. It has been our experience that there is an embedded culture of partnership and partnering within Morgan Sindall and this has contributed to the success of BDC”.
Bill Cotton, Executive Director Environment & Economy, Bournemouth Borough Council: