The South East Watford’s Exemplar Riverwell Regeneration Project
Within walking distance of Watford town centre, in an area directly to the south of Watford General Hospital and Watford’s famous Vicarage Road stadium lies an area known as Riverwell. By the end of the 20th century, this had been vacated by the historic industrial uses and left highly contaminated. Watford Borough Council embarked upon an ambitious plan to regenerate the area, to deliver an exciting new urban quarter. Knowing that the Council did not itself have the resources and expertise to achieve its ambitions, it sought a partner from the private sector.
Because of the size and importance of this project to the town, the Council did not want to dispose of the land without a role in shaping its future. Rather, the Council entered into a long-term 50:50 joint venture with the selected partner, Kier Property. This was one of the first joint venture agreements of this type, setting a precedent across the country for public/private collaborations. The joint venture, known as Watford Riverwell was established in 2013. It was known from the outset that this would be a 20-year project.
An early delivery included formulation of a comprehensive high-level masterplan, for which outline planning consent was obtained. Given the long-term nature of this project, the partners then took an early decision to invest in de-contamination, environmental improvements and provision of site infrastructure, in particular constructing Thomas Sawyer Way. This new road provides improved access to the Watford hospital and football club. The environmental improvements included cleaning up of the River Colne and provision of a new park along the riverbank, which would provide a high-quality environment for future residents in the area.
The partnership has since proceeded through a combination of disposing of parcels of land and direct development. This has enabled the joint venture business to achieve a sustainable cash flow, delivering proceeds back to the partners at the same time as paying back the early investment in infrastructure and environmental improvements.
Over the last 11 years, the partnership has delivered: • • • • • • •
1.5km of new highways
7,060 sqm trade counter light industrial space 3.82 acres of landscaped public open space
1455 car parking space in an award-winning multi-storey car park 577 new homes, of which
253 retirement living apartments; and 85 affordable homes
Through the provision of the infrastructure, the scene was set for substantial expansion and rebuilding of Watford’s General Hospital a key priority for the council in this project. This will provide improved health services
COMMERCIAL PROPERTY MONTHLY 2024
for South West Hertfordshire. Funding of £10bn for re-building the hospital was allocated by the previous government. The Watford Riverwell joint venture has been facilitating delivery of the hospital by selling land to the NHS and the building of a new multi-storey car park. The next step for the joint venture is to build a new neighbourhood square to include food and beverage facilities and an hotel directly in front of where the new front door of the hospital will be.
atria Watford Welcomes Discount Retailer B&M
This September, the fast-growing discount retailer B&M is set to open a brand-new store at atria Watford Shopping Centre. The retailer has taken possession of a 21,092 sq ft. unit, which has been comprehensively refurbished inside and out. The B&M store will be officially opening its doors at 9am on Thursday 5th September 2024.
Customers can expect to find a wide variety of branded groceries for the best possible price including a range of food, drink, and pet food. There will also be a wide selection of quality health and beauty products, homeware, electricals, DIY essentials, toys, games, gifts, and plenty more to explore.
As one of the leading retail and leisure destinations in the UK, atria Watford spans 1.4 million sq ft. and is home to hundreds of retail brands– from small independents through to household names – including ZARA, NEXT, Mango, Uniqlo and Hollister.
A spokesperson for B&M, said: “Opening at atria Watford this
September is another important step in our store expansion plan and we are looking forward to introducing more shoppers to our big brand, big savings concept.”
Simon Plumb, Centre Director at atria Watford, comments: “We’re delighted that B&M has chosen atria Watford for its latest opening, adding its name to our roster of over 200 stores. B&M is a very welcome addition to the centre and a brand that we are confident will resonate with our customers.”
About atria Shopping Centre
atria Watford is one of the premier shopping and leisure destinations in Hertfordshire. With over 1.4 million square feet of retail space, atria Watford offers an extensive selection of high street and designer brands such as Hollister, H&M, Zara, M&S, New Look, making it a one-stop-shop for fashion, beauty, and lifestyle needs.
21
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82
