Service: Development Management
Client: Wokingham Borough Council
The Continuum team is retained by Wokingham Borough Council to provide development management consultancy advice on a range of opportunities led by the Local Authority. The key development that led the Town Centre regeneration was at Elms Field a site measuring 6.70ha which provided:
- a 290-seat cinema;
- 2,546 sq m retail space;
- 126 residential units;
- a 1,572 sq m food store; and
- a new 95-bed hotel.
This development was supported by developments at Carnival Pool and Peach Place providing a range of uses.
Services Provided
Continuum provided a range of real estate services including:
- Creating financial viability appraisals for the development schemes;
- Creating cash flow forecasts for all development schemes at Elms Field, Carnival Pool and Peach Place;
- Responding to Local Authority members and the wider public in respect of questions regarding the finances of the Town Centre regeneration;
- Embedded within the Local Authority as a key team member; and
- Provision of financial appraisals and feasibility studies for potential new sites to assess development potential.
Outputs
In the Wokingham Town Centre regeneration, our approach was to deliver an all-encompassing assessment of the outputs of development, providing the Local Authority with advice enabling informed decisions to be made regarding potential development.
With regard to the Elms Field town centre masterplan, Continuum carried out a number of development appraisals and development studies in partnership with the Council and Wilson Bowden Development Ltd. Our advice has resulted in the Council taking a unique approach to development, using “Public Works Loans Board” funding to kick start the project. This will also allow the Council to retain ownership of the asset, whilst creating significant revenue from the development.
RTPI Award for Excellence
Continuum are thrilled to have been recognised for their involvement in the town centre regeneration as it was awarded the excellence in planning for a successful economy award at the 2020 RTPI awards.
The judges commented “This project is ahead of the game. It is a transferable model for other town centres to boost their economies and community engagement. WBC had a hands-on approach in revitalising the town centre by taking a whole place approach, which positioned all involved for success. This approach is not only innovative but replicable throughout the country. The judges believe their financial model especially will have a long-lasting contribution to creating a successful economy in the future.”
The Town Centre regeneration also won the Best Housing, Regeneration or New Build Initiative at the 2020 APSE Awards.