Minutes:
Utilising his long service knowledge with the Hertfordshire Local Enterprise Partnership’s past activities in relation to Stevenage, the Chair had made contact with the Network Rail MD to establish their thoughts on construction on and over the railway line today, as this was refused 8 years ago, and from the positive message both he and Tom Pike received they then reached out to MUSE for meetings with the SBC Regeneration Team, where both Tom Pike and the Chair held initial discussions with regard to the development plans for the “Station Gateway”.
Tom Pike (SBC Strategic Director) introduced the item by providing some background to the overall Regeneration plans for Stevenage, including the Towns Fund projects. In respect of the Station Gateway project, Tom stated that a land ownership survey had determined that the Borough Council, Network Rail, Homes England and Legal & General all had ownership interests in the Station Gateway area. The Council would be working with these stakeholders in developing a Masterplan for the Station Gateway.
Chris Scott (Muse) referred to the English Cities Fund, an equity fund between Muse, Homes England and Legal & General, which had provided institutional investment in Regeneration since 2006. The fund of £200Million was about to be doubled to £400Million, and had been extended to 2036.
Chris provided summaries of some of the other projects supported by yhe English Cities Fund, including Salford Central, a 50 acre £1Billion mixed use development in partnership with Salford City Council, comprising 2.2 million sq ft of commercial space, 261,000 sq ft of retail space, over 1,200 car parking spaces, 849 new homes and 90 hotel bedrooms. It included Eden, a Grade A office block designed to be net zero in operation and meeting national and international standards for sustainability and biodiversity net gain, which was due for completion in Quarter 4 of 2023.
Chris also referred to a Muse project called the Stockport Exchange, which provided sustainable public realm and transport improvements to the Stockport Railway Station and surrounding area, including new office space, retail space, multi-storey car park and hotel accommodation.
Chris indicated that the English Cities Fund were interested in the Stevenage Gateway project as Stevenage was highly ambitious, well-informed and had a clear vision; there was the ability to access infrastructure funding; it was located within the life sciences/bio-medical “Golden Triangle”; there was opportunity to deliver a project within pockets of deprivation, but one with significant potential; the potential for job creation, as Stevenage was home to the headquarters of nationally important industries, with a strong outlook for growth; and the opportunity to provide high quality homes and Grade A office stock in the town centre, building on recent developments.
Chris drew attention to the improvements to Railway Station areas in nearby cities, and in the “Golden Triangle” area and which had secured or could secure external funding, including the Cambridge Station (redevelopment well underway); Peterborough Station (£50Million funding secured); Milton Keynes (Development Framework emerging).
Chris advised that the next steps would be for SBC and the English Cities Fund to initiate a visioning and masterplanning process with local partners and engagement with the community and businesses. The whole process was expected to take 9 months, with progress reports to the Stevenage Development Board.