Development – Appraisals, Delivery Plans, Development Management, Partnerships and Regen Cos

Property Market Analysis

Site Disposal / Developer Selection

Town Centre Regeneration and Masterplanning

Valuation

Tamworth Borough Council

Outline

The 6-acre Gungate Site is a stalled development site at the heart of Tamworth Town Centre.

 AspinallVerdi were initially appointed by Tamworth Borough Council to evaluate the potential for the Gungate Site in 2017. The Council wanted commercially-focused advice on whether a scheme was deliverable. Based on our advice, the Council decided to purchase a large area of the site.

 Subsequently, AspinallVerdi were appointed to lead a multi-disciplinary team to develop a masterplan for the site. This masterplan was funded by the Greater Birmingham and Solihull LEP’s Strategic Economic Plan Enabling Fund.

 The team included:

• BroadwayMalyan – Architects
• Gardiner and Theobald – Cost Consultants
• CampbellReith – Engineering and Transportation
• Altair – Housing Advice

The project involved a full market assessment including analysis of property data and consultation with key local stakeholders. We also approached a range of potential occupiers to gauge the level of demand for the site and with the goal of potentially securing an end-user. The wide range of occupiers approached included national cinema and restaurant operators, as well as residential developers. 

 This market analysis was used to inform development options and designs for a variety of mixed-use schemes. These options sought not only to provide a vibrant future for this site, but to deliver uses which would also benefit the wider town centre, such as exploring the potential for a new leisure centre. 

 Using our knowledge of sales values, rents and yields, we then tested the viability of each option, and advised on different delivery options and funding. 

Services Provided

AspinallVerdi provided the following services:

• Property market research and report.
• Consultation with potential occupiers.
• Development/viability appraisals.
• Presenting findings.
• Delivery advice.
•  Advice on freehold acquisition.

Outcome

The final masterplan document has now been approved and the Council are looking towards taking the site to the market.

 In the course of the assessment various projects were identified across the site. These have now been separated out to simplify delivery of the masterplan.

 The masterplan includes the following uses, based on known demand:

 

• Leisure Centre
• Hotel
• Public-Sector Hub
• Residential
• Retirement Living MSCP

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