The regeneration of a town in central Scotland is about to take a huge step forward following the announcement Hargreaves Land and joint venture partner Fintry Estates have been chosen as preferred developer.
Further to our appointment we’re now due to submit more detailed proposals for the Falkirk Gateway project, which will transform the area to the east of the town, adjacent to the new Forth Valley College and Falkirk Stadium.
Our initial plans focused on large-scale retail units, office and leisure space, a hotel, a drive through restaurant and other food and drink units, including a concept pub or restaurant, all of which will be assessed via an impact study in due course.
Greg Liggins, Finance Director at Hargreaves Land said: “We are delighted to have been chosen as preferred developer for this regionally significant scheme. Our proposals for this area are intended to create a smarter, greener and more inclusive place in which people can thrive for generations to come.”
Falkirk Council is using the Tax Incremental Finance scheme (TIF) to fund road infrastructure and enabling works around the Gateway which has helped attract the current developer interest in the site. The £67 million scheme is expected to bring in £413 million in private investment into the area, creating almost 6,000 jobs and hundreds of apprenticeships.
Through the TIF mechanism the Council borrows to supply and improve infrastructure to help promote development in specific locations including the Gateway. Non-domestic rates income generated from the developments paid directly to the Council repay the infrastructure funding.
The TIF anticipates £67m of investment by the Council, levering a total of £176m in infrastructure improvements including improved links to the M9 motorway and Grangemouth Flood Prevention Scheme. This is anticipated to attract investment of over £400m and the completion of c400,000sqm of business space.
Councillor Cecil Meiklejohn, Leader of Falkirk Council believes our appointment signifies great progress towards creating new jobs and opportunities for the local economy, as well as revitalising the town centre.
He said “Our plans to completely redevelop this area are making great progress and with the appointment of the developer, we are a significant step closer to creating new opportunities for the local economy and jobs.
“The creation of an ‘urban quarter’ at the Westfield/Middlefield site will transform the vacant area between Falkirk and Grangemouth and bring the 30-acre site into a location that will help promote economic growth.”