MORE than £250 million has been earmarked to turn Crompton Place into a venue for the future. MARY NAYLOR reports.

BOLTON’S ambitious £1 billion masterplan has taken a giant leap forward with private investors looking to pump £250 million into the Crompton Place shopping centre project. 

Bolton Council bought Crompton Place in June for £14.8 million to ensure that whatever happened to it would fit in with the masterplan.

Now private sector investors including Beijing Construction and Engineering Group International (BCEGI) have agreed in principle to invest millions in the project. 

READ MORE: A recent history of Crompton Place

The development is being led by a new private consortium called Bolton Regeneration Limited (BRL) which is made up of the Department for International Trade, the Greater Manchester Combined Authority and is being led by Midia, an investment and development specialist.

Crompton Place is currently owned by Bolton Council, which bought the Victoria Square shopping centre in June. 

The Bolton News understands the council will be looking to sell Crompton Place to BRL in the future once a development of the right quality has been designed and the planning permission has been obtained in an agreed timeframe. 

In the meantime, property management company JLL will continue to mange Crompton Place’s 46 retail units.

BRL has secured strong interest from a number of major institutional investors and this week agreed principle terms with BCEGI to join the consortium. 

READ MORE: How the £1 billion plan has played out so far

A formal announcement with broader detail is expected in autumn and the final selection of a preferred investor will be made with Bolton Council and its advisors. 

Leader of Bolton Council, Cllr Linda Thomas, described the investment by BRL as a “huge opportunity” to transform Bolton town centre.

She added: “This is a fantastic vote of confidence in our town and in our council. It enables us to move forward with the delivery of our masterplan and will act as a catalyst for other developments across our borough.

“I look forward to being able to make further announcements about the investment later in the year.”

Bolton’s £1 billion masterplan (see below) and the £250 million investment represent a new component of the Northern Powerhouse initiative.

A spokesperson from Midia said: “This investment is a fantastic opportunity for one of Greater Manchester’s largest towns to establish itself as major player within the Northern Powerhouse. Midia has extensive experience in partnering with public sector organisations and we look forward to working closely with Bolton Council to deliver a programme of regeneration that secures long-term economic growth for the town.” 

Midia is a family-run business founded in the 1980s by Norman Turner, previous projects it has helped deliver include the Manchester Arena and Towers 2000 in Didsbury. 

BCEGI has its UK base at Airport City Manchester and is currently the main contractor for the Middlewood Locks project in Salford — located next to Salford Central railway station. 

Like the Bolton town centre masterplan the Middlewood Locks project is aimed at providing living space and job opportunities close by each other. 

Deputy leader of Bolton Council, Cllr Ebrahim Adia, said: “This is a resounding vote of confidence in the council and its vision for the town centre. The investment will generate significant economic benefits not only for Bolton but also for the wider Northern Powerhouse region, with the potential to create new jobs for our residents. 


“There is a lot of detailed work that now needs to be undertaken but there is no doubt that this is an exciting time for Bolton.”