Development agreement signed for Royal Pier4th March 2014
Royal Pier aspirational image (Credit: MSIL)
The development of Royal Pier has come another step closer with the signing of the conditional development agreement for Royal Pier on 28 February 2014, between developers RPW (Southampton) Limited (a joint venture company owned by Morgan Sindall Investments Limited (“MSIL”) and funders Lucent Group (“Lucent”)), and landowners Southampton City Council, Associated British Ports and The Crown Estate. This is a major milestone towards the future development of the site.
Royal Pier is one of Southampton City Council’s seven VIP Projects identified within the City Centre Master Plan. The project includes over 6,000 new jobs, over 500 homes, a hotel, and an enlarged Mayflower Park to provide a permanent home for Southampton International Boatshow. The development, which will be developed over a number of years, will transform the waterfront and help to underpin the city’s future growth and prosperity.
The existing listed Royal Pier, damaged by a fire and storms, has lain disused and dilapidated for many years. The redevelopment plans aim to transform the area, reconnecting the people of Southampton to a waterfront of which they can be proud.
The next stage of the process will involve public consultation and the preparation and submission of a planning application for a comprehensive mixed-use development of the site, with which RPW (Southampton) Limited will now proceed.
Lisa Scenna, managing director of MSIL, said: “We are delighted to achieve this important milestone in partnership with our funders and the landowners.”
Charles Flynn, Chief Executive of Lucent, said: “Lucent’s involvement will help to ensure the success of the development by providing secure funding and land delivery expertise”.
Simon Letts, Leader of Southampton City Council, said: “We are very excited by these proposals. The Royal Pier Waterfront development is the flagship project in our overall plan to further enhance our city’s reputation as a first-class destination to live, work and visit”.
Southampton Port Director, Nick Ridehalgh, said: "We understand how important the Royal Pier site is to the future development of the City`s waterfront. Given this, we welcome the completion of the development agreement."