Bolton Council has parted ways with the developers behind its ambitious £1bn town centre regeneration plans.
Developer Bolton Regeneration – a partnership between Chinese firm Beijing Construction Engineering Group International (BCEGI) and regeneration specialists Granite Turner – have agreed with the council to rip up the agreement.
A key part of the plan, the £250m redevelopment of Bolton’s Crompton Place Shopping Centre was due to start this year.
Now the council will have to find a new developer to take forward this project as well as its other planned Trinity Gateway and Le Mans Crescent projects due to be developed by Granite Turner.
The council said that as circumstances have changed over the last 18 months, a mutual agreement was reached with partners BCEGI and Granite Turner to surrender their options agreements on the projects.
Bolton Council leader, Coun Martyn Cox, said: “Although re-procuring development partners will extend the development process, removing all option agreements gives us a much better chance of securing a levelling up fund grant from government.
“The work already undertaken in relation to these projects means the new developers will start from a more advanced stage than would normally be the case and will therefore be in a position to start construction as soon as possible.”
The council said it hoped to have a new development partner in place before the end of the year.
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