Reef to develop £50m Queensway North scheme
Stevenage Borough Council, mixed-use developer Reef Group and Aviva Investors have teamed up to deliver a £50m regeneration scheme in Stevenage.
Property Week – Reef to develop £50m Queensway North scheme with backing from Aviva
Guy Montague-Jones
13 December 2018
Stevenage Borough Council, mixed-use developer Reef Group and Aviva Investors have teamed up to deliver a £50m regeneration scheme in Stevenage.
The Queensway North regeneration scheme will transform the former Marks & Spencer store and adjoining retail parade in the Hertfordshire town into a mixed-use scheme consisting of 45,000 sq ft of new retail and restaurant space, a gym, new offices, an innovation and technology centre, and 116 flats.
Planning permission was obtained in August of this year and construction will start early next year. The first phase comprising the commercial aspect of the scheme is scheduled to complete at the end of 2019 and the second residential phase is due to be completed 12 months later at the end of 2020.
Development of the Queensway North area forms the first phase of Stevenage council’s £1bn, 20-year regeneration programme.
Leader of Stevenage Borough Council Sharon Taylor said: “Our vision is to reinvigorate the centre of Stevenage, and with Reef Group now on board we’re in a great position to deliver on this vision.”
Aviva Investors is funding the scheme.
Mark Wells, director of Aviva Investors, added: “We are delighted to have entered into this long term partnership with Stevenage Borough Council and Reef Group. Reef and the Council have impressive plans for the scheme which will give the town centre a new lease of life, supporting both housing need and economic development.”
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