INVEST IN SOUTHAMPTON -Regeneration project includes residential units and office space
The first phase of a dynamic proposed mixed use development for the Toys R Us site was approved by Southampton City Council on 18 September 2019. This comprehensive regeneration project will commence with 275 residential units in three buildings and a new 70,000sq ft landmark office building, directly opposite Southampton Central Station.
The construction value of Phase 1 will be around £75m and will contribute towards the need for more homes and also the shortage of top quality city centre office space. The scheme will meet identified occupier demand and support the rest of the city centreoffering, providing employment opportunities and modern urban living spaces.
The completed office building will see around £27m investment in the development from the council, creating a valuable revenue stream from rental income and business rates. The completed asset may be held in the council’s commercial property portfolio or soldon, with the capital then freed up for use on other projects. The council is proposing to invest in the office space to demonstrate the importance and viability of new office accommodation in the City Centre, to underpin Southampton’s ambitions as a thrivingurban centre with global strengths in marine, maritime, digital and environmental innovation.
The total end value of all phases in the completed Toys R Us development site area could exceed £150m. In addition to the initial phase of residential and office provision, there are future plans for further office, commercial and leisure space.
The development scheme will also act as a catalyst for further investment in the Mayflower Quarter, which is one of the largest urban regeneration areas in the UK, underlining Southampton’s presence on the global stage. Once completed this prime waterfrontarea will showcase the city to residents and visitors.
"The old Toys R Us site is the first phase of improving this important gateway into the city. We’re excited to bring these transformative plans to full council to enable 275 new homes and an iconic new office building that meets the highest environmentalstandards. The council will be an active partner to help provide an economic boost for the city and to create new skilled jobs for our citizens."
“Southampton needs world class public realm and to open up more of its waterfront for our residents and visitors to enjoy. The Mayflower Quarter gives us a unique opportunity as one of the largest urban regeneration sites in the UK."
Councillor Christopher Hammond, Leader of Southampton City Councilhttp://www.investinsouthampton.co.uk/news/story.aspx?id=tcm:64-418200