The council has confirmed in principle more than £250m of private sector investment funding to replace the Crompton Place Shopping Centre on Victoria Square with a new retail and leisure development as the first phase of the plan.
The council has secured the involvement of Bolton Regeneration Limited (BRL), a private consortium led by investment and development specialist Midia. BRL has in turn agreed heads of terms with Beijing Construction & Engineering Group International (BCEGI) to join the consortium.
BCEGI is also an equity and construction partner in the £1bn Airport City project at Manchester Airport and the preferred contractor for the new £1bn Salford mixed-use development, Middlewood Locks.
Bolton Council leader Linda Thomas, described the investment by BRL as a “huge opportunity” to transform Bolton town centre. “It enables us to move forward with the delivery of our masterplan and will act as a catalyst for other developments across our borough,” she said. “I look forward to being able to make further announcements about the investment later in the year.”