Leicester Property’s Waterside Boost

In exciting news for the Leicester property market, the proposed multi-million-pound regeneration of the city’s Waterside area has been given a major boost.

The Secretary of State has granted Leicester City Council a compulsory purchase order, allowing it to go ahead with acquiring all the remaining property and land it needs on the 7.3-hectare site in order to move on with the £80 million redevelopment’s first phase.

Leicester City Council has spent the last three years negotiating with landowners and already owns about 90 percent of the planned site. The CPO gives it the authority to legally acquire what remaining land is needed to start the ambitious scheme to transform the area.

There has also been confirmation of what is known as a stopping order to allow works on associated highways and roads.

Leicester mayor Peter Soulsby was delighted with the news and said the granting of the CPO was ‘a strong endorsement’ in terms of the city council’s vision of transforming the Waterside into a ‘thriving’ neighbourhood.

He added that the team involved with the project has ‘worked hard’ to get most of the land needed but that had not been possible in every case. He pointed out that CPOs were a ‘vital tool’ in allowing the progression of ‘major regeneration schemes’, although they were also only used as ‘a last resort’.

Mr Soulsby said that the Waterside’s regeneration marked ‘a tremendous opportunity’, both for the growth of Leicester and its future prosperity, and would revitalise a ‘long-neglected’ area, offering living accommodation, business space and better riverside access.

The initial phase of the scheme was granted outline planning permission in December 2015, and last year the council announced that it had acquired a development partner to deliver 5,500 sq m of office space, more than 350 homes and green spaces and parks. The regeneration will represent in the region of £45 million of private investment, and site work could begin at the start of next year.

The CPO’s confirmation is seen as a huge milestone in the delivery of Leicester Waterside’s development, and more details about the scheme are expected to be revealed soon.

Next year should also see the start of work to create the area’s new Waterside primary after cash was promised by the Department for Education as part of a commitment to ensure that every Leicester child has a school place. The new school will accommodate up to 900 pupils, adding another 400 places to those currently on offer at the existing Fosse and Slater primaries.

Are you thinking of making a move to Leicester? Call Keywest today, 01162 544 555 – our expert team are always available to help.