£460m Chester regeneration scheme on hold until 2012

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by Lin Freestone

Developer ING Real Estate and its joint venture partner Chester City Council have decided to officially put on hold the £460m Northgate regeneration of Chester’s city centre. However, ING is optimistic that a deal to deliver the project can be agreed with an investment partner by the end of the year.

It is now likely that no construction work will begin before 2012 at the earliest.

A spokesman at Chester City Council has stated that, as the credit crunch continues to affect schemes across the UK, it makes sense to postpone the development until the market begins to recover.

However, the scheme remains very much alive and both the city council and ING Real Estate are dedicated to delivering a new and vibrant quarter for Chester through the Northgate development.

Before construction work eventually begins, the project will be reconsidered with a redesign, new planning consents and compulsory purchase orders on properties which will have to be demolished.