The company behind some of the UK’s biggest urban regeneration projects has been confirmed as Bolton Council’s partner for the redevelopment of Crompton Place.
The site will be developed by Federated Hermes’s specialist development arm, MEPC, which was appointed at a recent cabinet meeting.
MEPC has a proven track record of delivering major urban regeneration and placemaking schemes, including NOMA in Manchester, Wellington Place in Leeds and Paradise in Birmingham.
The decision comes at the end of a robust and highly competitive selection process.
Federated Hermes was selected based on thorough evaluation of financial standing, deliverability, design quality, innovation, social value and alignment of their proposals with the Bolton 2040 Borough Plan.
The Real Estate team at Federated Hermes demonstrated an extensive track record in delivering complex, multi-phase projects and working with councils and communities to meet locally identified needs and support lasting economic and social outcomes.
Crompton Place has been identified as a priority scheme within the Greater Manchester Strategy and the Greater Manchester Combined Authority (GMCA) Good Growth fund.
Following the appointment of Federated Hermes, Bolton Council will now seek to secure GMCA funding to support the project.
Bolton Council Leader, Cllr Nick Peel, said:
“This is a once-in-a-generation opportunity to create something everyone in Bolton can be proud of.
“Crompton Place lies at the heart of the ongoing regeneration of Bolton as we consolidate our retail offer and create much-needed housing, new hospitality venues and bustling public spaces.
“The appointment of such a well-known and successful developer sends a clear message to the market that the regeneration of Bolton is entering a new phase, and I am sure this will attract further inward investment for our borough.”
Paul Pavia, Head of Development at Federated Hermes Real Estate, said:
“We believe real estate has a powerful role in responding to local needs, enhancing the connections between people, businesses and communities, whilst delivering positive economic outcomes, and Crompton Place is a clear opportunity to put that belief into action.
“Just as Samuel Crompton’s innovations shaped Bolton’s past, we are excited to join forces with Bolton Council in helping shape the future of this historic town with a strong industrial heritage.
“We will collaborate closely with Bolton Council, local stakeholders, communities, and investors to bring Crompton Place into its next chapter so that it remains inclusive, relevant and successful over the long term.”
Clearing the way
Planning permission for the demolition of Crompton Place was secured in August and is currently scheduled for completion in Spring / Summer 2027.
Visitors to the town centre will quickly see the benefits, thanks to the reintroduction of a direct pedestrian route between Victoria Square and Bradshawgate.
There are also plans to use a key part of the newly cleared space for public performances, events, pop-up markets and more.
This “meanwhile use”, during the period between demolition and the start of new development, will ensure the area remains vibrant and continues to attract visitors to the Town Centre and support surrounding businesses.
Bolton’s ongoing regeneration gathers momentum
Crompton Place is the flagship development in the ongoing regeneration of Bolton, occupying a strategic site in the heart of the town centre opposite the historic Grade II listed town hall.
Bolton Council and Federated Hermes will be engaged with the community and town centre businesses to build momentum, create excitement and gather ideas for this transformational project.
Planning permission was previously granted for a mixed used development on the site, showing the area’s enormous potential.
The council bought Crompton Place in 2018, before beginning the complex process of supporting leaseholders to relocate to other parts of the town centre.
It is just one example of the council purchasing empty or underused spaces in the town centre to create development-ready sites and attract investors.
The same approach has already delivered successful results at Moor Lane, Deansgate Gardens, Wellsprings and the ongoing transformation of Church Wharf.
The council is working with leading real estate advisors CBRE to deliver the transformation of Crompton Place, with support from KPMG and law firm Trowers & Hamlins.