St. Modwen selected as preferred developer for Walthamstow scheme

SWaltham Forest Council has selected St Modwen Developments Ltd, a leading town centre developer and regeneration specialist to take forward work on the Arcade site in Walthamstow.

The recommendation to select St Modwen was agreed by Cabinet following an intensive selection process. The decision marks the latest milestone in the development of the key town centre site in Walthamstow.

The next stage will see St Modwen work with the council on the detailed design of what will be developed on the site, with a planning application expected to be submitted later this year.

Consultation was one of the key criteria of the tender process, and St Modwen has committed to undertaking significant consultation with the community on its proposals.

The final scheme will require planning permission in the usual way, and consultation will be undertaken as part of this process to ensure the local community’s views are taken into account.

St Modwen’s submission included the possibility of a cinema within its development options and they will be encouraged to include this in their final scheme. But a final decision on if it can be included is dependent on the financial and commercial viability of the detailed scheme which is yet to be drawn up.

Cabinet Member for Enterprise and Investment, Cllr Terry Wheeler, said:

“It’s great for us to be working with St Modwen. The company has an excellent track record of town centre development, and has shown a clear understanding of what is needed for Walthamstow.

“I am also pleased to see that the potential remains for a cinema to be included on the Arcade site as part of the development. This is in line with the council’s commitment to bringing a cinema to Walthamstow. But of course, a final decision will be made when we see what impact this has on the financial and commercial viability of the scheme.

“While there is much work still to be done, we remain firmly on track to see work start on the site in early 2008.”

Tim Seddon, Regional Director of St Modwen said: “We are absolutely delighted to have secured the nomination as Waltham Forest’s Development Partner for this significant development opportunity. We are looking forward to developing a strong and healthy working relationship not only with the council officers and members but also with the Walthamstow community.

³The site offers a great opportunity to complement the recent significant improvements to the town centre through the provision of a comprehensive mixed-use development comprising enhanced retail, leisure and residential accommodation. “

The council is already undertaking a detailed consultation exercise on the future of Walthamstow town centre in collaboration with the Prince’s Foundation.

These two separate but interlinked projects will continue on schedule, with St Modwen now set to get involved with the Prince’s Foundation project to create a blueprint for Walthamstow’s future.

Notes to editors:

Background:

The council received 22 expressions of interest for the site development opportunity. These were shortlisted, based on an agreed set of criteria, with six companies going through to the second stage of the process.

After scoring each submission against the criteria, three companies were invited to make a presentation to a panel of council officers and external advisors.

The panel’s recommendation that St Modwen Developments Ltd is selected as the council’s preferred developer was agreed by the Cabinet which will make the final decision on the disposal of the site once the next stages of the process have been completed.

For further information contact Tim Seddon of St Modwen (020 7499 5666).

Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).