Mike Horner, Future of Town Centres

Future of Town Centres

A developer’s perspective

Mike HornerRegional Director

Muse Developments

Content

> Town centres today

> Thriving town centres of tomorrow?

> Challenges facing developers

> Some current Muse solutions

Town centres today

What are town centres for?

Not just a High Street

> Complex multi-use places

Retail

Cultural Facilities

Residential

PublicServices

Leisure & Entertainment

Offices &Commercial

TownCentreProfessional

Services

Town centre jobs

Town centres are leaking jobs

Town centre jobs

Medium and small towns are fighting a losing battle

Spheres of influence

Cities taking over

> TTWA

> Retail catchments

> Tiers 1 & 2 getting larger

> Tiers 4 & 5 getting smaller!

Town centres suffering

> Too much competition(retail, commercial and residential)

> Business rates too high

> Retailers going to the wall

> Office space being rationalised

> Budgets being cut

> Planning policy too weak

And it’s not going to get any easier ...

The reasons:

> Economy struggling/ fragile

> Changing retail habits

> Businesses going global/ clustering

> Changing social habits

> Ageing population

> Footfall dropping

Thriving town centresof tomorrow?

Which town centres are going to be successful?

> A clear vision and a viable masterplan



> A comprehensive mix of uses




> Provision for motorists





> Public transport connections






> Interesting spaces/ unique environments







> An evening economy







> An evening economy

> Proactive/ intensive space management

Challenges facing developers

What are the main problems andchallenges facing developers in town centres?

> Viability


> Viability

> Funding


> Viability

> Funding

> Occupier demand


> Viability

> Funding

> Occupier demand

> Fragmented ownership


> Viability

> Funding

> Occupier demand


> Local authority budget cuts


> Viability

> Funding

> Occupier demand



> OJEU procurement process


> Viability

> Funding

> Occupier demand



> OJEU procurement process

> Politics

Some current Muse solutions

Talbot Gateway, BlackpoolA partnership with

Town centre regeneration with 1.1 million ft2 of development - hotels, offices, a supermarket, retail/ leisure space, car parking and a new transport interchange £175m


Sainsbury’s – 130,000 ft2 gross with 608 parking spaces, under construction

Salford CentralA partnership with

We are regenerating Salford’s civic and historic centre with over 2 million ft2

of commercial space, 280,000 ft2 of active uses, a hotel and 850 new homes £650m


Chapel Street (A6) – Salford’s original High Street


Vimto Gardens – 83 apartments and 14 town houses, under construction

Stockport ExchangeA partnership with

370,000 ft2 of offices along with attractive public spaces outside the railway station, improved car parking facilities and a wide range of cafes and shops at ground floor £145m


1,000 space multi-storey car park, pre-let to NCP and under construction


Office buildings, ground floor active uses, hotel and high quality public realm

City Place, ChesterA partnership with

A new Central Business Quarter offering prime office space and supportingresidential in ten buildings on 3.5 acres (planning consent secured) £120m

City Place, ChesterA partnership with

Summary

> Town centres facing huge challenges

> Residential and mixed-use the way forward

> No single funding solution

> Clear vision and strong leadership

> A couple of thoughts:

- Enterprise Zones

- Town Centre funding pot





Mike HornerRegional Director

Muse Developments

Mike Horner, Future of Town Centres

Real Estate

Transcript of Mike Horner, Future of Town Centres