A leading property investment company has submitted a proposal to take over the scheme to create a regional leisure destination at North Star in Swindon.
Seven Capital Investments Ltd, which is also one of the UK’s leading private capital funders, has agreed in principle to acquire control of Moirai Capital Investments in order to take forward plans to transform North Star with more than £100m of investment.
Currently managing a development portfolio of more than £800 million, Seven Capital has been responsible for major property investments across the country and has identified the North Star development as an ideal opportunity for it to invest in the leisure market.
Seven Capital’s interest in the regeneration project comes after the Council served Moirai notice of its intention to terminate the development agreement covering the former Clares site, which had been earmarked for an indoor ski slope, water park, hotel and other leisure and sports-related retail.
Moirai was given until 12 January 2017 to fulfil the terms of the notice or see the development agreement terminated. But following the proposal by Seven Capital, the Council has today (11 Jan 2017) withdrawn the notice of termination.
The plans for the North Star development include:
- Up to 50,000 sq m of mixed leisure including a cinema, 5,000-seat entertainment arena, ski centre and other leisure uses which could potentially include a crazy golf centre, comedy club, laser tag and skate park,
- Up to 12,000 sq m of restaurants and cafes,
- Up to 12,000 sq m retail space with a minimum of 9,000 sq m of sports retailing,
- Up to 9,000 sq m for a hotel;
A period of due diligence will now be carried out by both the Council and Seven Capital which, if successful, will see the Council’s Cabinet consider whether to approve the proposal.
Seven Capital has indicated it would also work with Moirai on the Oasis site.
If Seven Capital’s proposals are supported by Cabinet, detailed planning proposals could be submitted later this year.
Cllr Garry Perkins, Swindon Borough Council’s Cabinet Member for the Economy, Regeneration and Skills, said: “It was a bold call to serve the notice of termination on Moirai, but we had to take that action to kick-start this hugely exciting scheme and get it moving again.
“Our decision has been vindicated as a major funder has stepped forward with an impressive track record of developing major schemes, which is willing to pick up the baton from Moirai and help us deliver what will be a landmark regeneration project for the town.”