Work on Westside to start next year

Urban&Civic is behind the £55million regeneration scheme for Westside in Wolverhampton city centre.

This year, Heantun House and the old indoor market have been knocked down to pave the way for the new development.

Chief executive Nigel Hugill said work on the first phase of the project, which includes a 12-screen cinema, restaurants, 100-bed hotel hotel and car park, will start early next year.

He also said the first phase, which will also include an illuminated public square, will take two years to complete.

A new image released of the project shows the front of the cinema and the public square with people walking across it.

Mr Hugill said: “Council-led enabling works continue and there appears good demand from anchor occupiers.

“Construction on the first phase remains subject to funding but is on track to start in early 2018, completing within two years."

The second phase is for more than 300 homes and 50,00 sq ft of retail and leisure space.

Works on this section of the development are likely to be completed in 2022, the developer has said.

The overall project will cover land between Penn Road Island and Salop Street, including the current School Street and Peel Street car parks and the area around Market Square.

The market, which is in a temporally location at the site currently, will be moved to Cleveland Street later this year.

Phase two is on parts of land between Salop Street and Darlington Street, including the Fold Street car park.

Last week, Urban&Civic revealed the value of its assets nationwide rise more than £30m over the last year, to £424.5 million.

The company has also recently sealed a deal for a one third share of a 400 acre development site at St Neots, in Cambridgeshire, with the aim of building nearly 3,000 homes there.

It is already working on the development of 6,500 homes on the Waterbeach site in Cambridgeshire.

Mr Hugill said: "Urban&Civic is the most significant new entrant into that market in recent years, with delivery experience honed by over a quarter of a century building infrastructure and critical mass into consistently successful major projects.

"Our Master Developer model is capital efficient, delivering guaranteed quality for our housebuilder customers. Exactly what they want. Our shareholders enjoy real benefits as well. The business captures an increased premium on serviced land, with contracted annual minimum payments that afford good cash flow security.

"Expect to see us realising other assets to invest more in strategic projects."