Beijing Construction and Engineering Group International (BCEGI) has joined a private consortium led by UK developer Midia that is working on a £1bn project to regenerate the centre of Bolton, a town in Greater Manchester, northwest England.
Some £250m of private sector financing will go towards phase one of project, which includes refurbishing the Crompton Place Shopping Centre on Victoria Square.
Bolton council say the revamp is a "major new component" of the UK government’s Northern Powerhouse initiative, which was announced in 2015.
Linda Thomas, the council’s leader, said: "This is a fantastic vote of confidence in our town and in our council. It enables us to move forward with the delivery of our masterplan and will act as a catalyst for other developments across our borough."
A Midia spokesperson said: "This investment is a fantastic opportunity for one of Greater Manchester’s largest towns to establish itself as major player within the Northern Powerhouse."
The Bolton Regeneration consortium will work with the Department for International Trade and Greater Manchester Combined Authority. A formal announcement of the deal with BCEGI is expected in the autumn.
In 2013, it was announced that BCGEI would join a joint venture to deliver the 500,000 sq m business district at Manchester Airport.
In 2016, the firm announced a partnership with the University of Huddersfield to research building information modelling.
Image: Bolton Town Hall (Wikimedia Commons/Geograph/Stephen McKay)
Comments
Comments are closed.
It would have been better if the vote of confidence came from the British.
Rather than fantastic this is terrible news. With Governments support Developers keep nailing the coffin lid down on UK major contractors.
I am disgusted that there is not a British company carrying out this project in total. Yet again a council sending money to China when it is totally unnecessary