Council to accept £18.7m levelling up award for Shrewsbury Riverside redevelopment
A major regeneration project for the Riverside area of Shrewsbury is to take a big step forward next week when councillors will be asked to formally accept a Government grant of £18.7m to get it off the ground.
The ‘levelling up’ award was announced in January and also relies on the council agreeing to match-fund £5m.
Most of the money will be spent on demolition and enabling works in the Smithfield Road area, paving the way for plans to create a vibrant leisure, retail and work destination fronting the river.
It comes as the council announced that it had appointed a design team and communications and engagement agency to work on the scheme.
The rest of the grant will fund plans to transform movement and public spaces, centred on the area around the railway station.
A report to go before councillors at a meeting next Thursday seeks approval for the authority to accept the grant and its match-funding commitments, and to instruct officers to progress the projects.
The match funding comprises £1.25m in land and assets and £3.79m in cash, which the council will borrow if no other funding can be secured.
The report, by director of place Mark Barrow, says the next step is for officers to produce a full business case, which will then come back before council for approval before any physical work can get underway.
Mr Barrow says: “The projects will accelerate the transformation of a major opportunity site in the town centre and act as a catalyst for regeneration and growth of Shrewsbury as a whole.
“Smithfield Riverside will capitalise on its strategic advantages, including its waterfront setting and proximity to the railway station.
“The projects propose to address significant programme of demolition and ‘abnormal’ levels of ground remediation works associated with the site’s adjacency to the River Severn; thereby de-risking the site and improving its viability and suitability for vibrant mixed-use development in line with the Big Town Plan aspirations and the Economic Growth Strategy and Shropshire Plan.”
The regeneration of the Riverside will see the area cleared and re-developed, with buildings including the Riverside and Pride Hill shopping centres, Raven Meadows car park, the bus station and former GP surgery to be torn down to make way for a new council headquarters, hotels, restaurants, a public transport hub, offices and up to 270 homes.
Frankwell footbridge will also be replaced with a new modern, accessible structure.
The report says the initial demolition and remediation work will generate interest from other potential investors.
Turning to the plans for the area around the station, the report says this is seen as an “early win” for the emerging Movement and Public Realm Strategy being drawn up as part of the Big Town Plan.
The report concludes: “Acceptance of this Levelling Up Fund round two award will be a catalyst for transformation and regeneration providing significant investment in the town centre.”
