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June 2008
As previously advised, consultants acting for both the City Council and ING have been undertaking informal discussions with a number of the key players in the funding market to establish the level of interest in entering into a 50-50 joint venture with ING to deliver the scheme.
ING are maintaining a flexible approach to the discussions, and have invited potential partners to bring forward their own funding proposals for further debate.
Following a series of initial meetings with a significant number of potential funders, interest has been expressed and more detailed discussions will be taking place in the next 2-3 months.
Of critical importance in those discussions is the financial viability of the scheme. The City Council has been working closely with ING on scheme viability which remains challenging partly as a consequence of the current economic conditions. The City Councils agents DTZ are monitoring changes to the appraisal on an ongoing basis.
With regard to timescale, the City Council and ING have an agreed programme which is aimed at reaching unconditionality on the legal documentation by December 2008 with a start on site in early 2009.
Whether or not this can be achieved will be dependent upon the progress made in identifying a funding partner and the absence of any further significant shifts in the financial markets.
March 2008
It was hoped by the City Council and ING that the Northgate scheme would get the go ahead in November 2007. This proved impossible for a number of reasons including uncertainty in the credit markets, commercial and construction price inflation and the impact on property values generally. In the circumstances ING had no choice but to review the programme for the scheme, having particular regard to its financial viability.
The City Council and ING have been in discussion over the last few months, focussing on delivering the entire Northgate scheme without any changes. ING has been trying to reduce the cost of building the scheme and looking at alternative ways to increase income from the completed development. It is hoped a way forward can be identified within the next couple of months.
ING has now proposed November 2008 as the date for the final exchange of all legal documents with a start on site December 2008/January 2009. There are many factors outside the City Council’s control that could influence the timescale.
Effectively this means a 12 month delay to the scheme, which is disappointing for both the council and for ING, who remain committed to this development which is so vitally important to the economic and cultural life of Chester.
December 2007
It was anticipated that the Northgate Development would get the go ahead, or go “unconditional “, at the end of November. However, due to the complexities of the scheme and current market conditions unconditionality has had to be delayed. The volatility of the international money markets and the rising costs of construction mean the timings of the scheme are being reviewed.
The City Council and ING remain committed to the scheme and are working closely together to seek to resolve the issues and realize the Northgate Development. The situation will be re-assessed at the end of March next year. In the meantime further information can be gained from the Northgate Team on northgate@chester.gov.uk or 01244 402508.
October 2007
There was a meeting of the Northgate Forum on Thursday 11th October at 6.30pm in the Town Hall for those people and businesses directly affected by the development. The agenda can be found here. The notes from the Forum can be found here. A presentation was made by the contractors HBG and the developers ING Real Estate - copies of the presentation can be found here and a second presentation is here.
The latest quarterly results for monitoring of air quality have been submitted to the Council and can be found here:
September 2007
The most recent planning permission (ref 07/00061/S73) was granted subject to a Section 106 legal agreement (note: PDF file size is 14mb)
Mid August 2007
The planning application received in January this year (ref 07/00061/S73) which sought to vary specific conditions on the original planning permission has been approved. The decision notice can be viewed here
The approved scheme will provide the following:
Shopping development
Transport and parking
Leisure and entertainment
Homes
New Council Offices
Other features
AUGUST 2007 UPDATE
Northgate Forum Meeting
The next Forum meeting will take place on:
THURSDAY 11th OCTOBER 2007 at 6.30pm in the COUNCIL CHAMBER, TOWN HALL, CHESTER
Items to be discussed will include the demolition method statement for Commerce House, temporary traffic and highway arrangements and other relevant matters.
Air quality monitoring is continuing to take place. The latest results can be found below:
Frequently asked questions relating to the market and buses
When does the market close? - The market hall is moving – it is not closing. It is moving from its current location behind the Forum Shopping Centre to where the library now stands, facing Town Hall Square.
Do I need to stock up on goods I usually buy from the market before it closes? - No, this won’t be necessary as the market stalls will move from their existing location straight to their new location.
Who will own and operate the new market hall? - As with the existing market hall, the new one will be owned and operated by the City Council.
Why are temporary stalls needed on Town Hall Square? - Phase 1 of the new market hall will not be large enough to take all the existing market stall holders so they will be located in temporary stalls from late 2008 until the end of 2011.
How will people get to the existing market when the bus station closes? - A free shuttle bus will collect people from new city centre bus stops and they can get off at a bus stop at the Trinity Street – Hamilton Place junction, by the steps near the former Gateway Theatre, about 3 minutes walk from the existing market.
What is the route of the shuttle buses? - The buses will travel anti-clockwise via the inner ring road, Grosvenor Road, Pepper St, Love St, Argos, Hoole Way roundabout, Gorse Stacks, Delamere St and Fountains Roundabout stopping at new bus stops.
In the new development where is the nearest car park to the market? - The new multi story car park is the nearest to the new market, about 3 minutes walk away. The multi story will open before the existing Princess Street car park closes.