Cheltenham Borough Council announces multi-million-pound town centre investment

Cheltenham Borough Council has announced a plan to invest millions of pounds into its town centre.

This has seen the council purchase a number of properties around the town’s Poundland along with agreeing extra investment into the MX project as it looks to support the high street’s long term future and realise the town’s aims of becoming the UK’s cyber capital.

Cllr Hay, leader of Cheltenham Borough Council, said: ‘’Strategic investments with regeneration at its heart are vital to protect our local economy, generate income to protect council services and offer long-term assurance that Cheltenham continues to attract investment and punch above its weight.

“We need to continue to find ways to retain and attract more people to Cheltenham’s high street, including younger people who have a tendency to leave the town and move to other urban areas which are perceived to be more creative.

‘’With Cheltenham’s ambitions to become the cyber capital of the UK as part of the Golden Valley development, the arrival of the MX, creating a vibrant town centre quarter and our high street acquisitions, we are confident that the town’s economy will continue to grow, thrive and prosper.’’

The £3.3 million purchase of the buildings surrounding Poundland will enable the council to further invest in new ways to reimagine the high street as a mix of retail, leisure and living space, and contributes to the town’s wider regeneration plans, which have recently seen refurbishment of the Wilson Art Gallery and Museum, the redevelopment of Minster Gardens and improvements to Clarence Fountain.

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The council has also committed £2.5 million to help complete the Minster Exchange, known as MX, complementing the funding received through the Build Back Better Fund.

The scheme is being designed and delivered by Workshop Cheltenham Ltd (WSC Ltd). It is set to transform the grounds of St Mary’s Minster, offering innovative workspace in the form of modular construction for the cyber tech, digital and creative sectors, a Growth Hub to support business development, an event space, and cafe.

WSC Ltd reported the scheme has experienced delays relating to procurement due to national supply chain issues from Covid and Brexit, national inflationary pressures, construction challenges and project delivery issues.

Bruce Gregory, managing director of WSC Ltd, said: ‘’As the developer of the MX, and as a growing business in Cheltenham, this has been a challenging project due significant inflation, construction challenges and other issues.

“We’ve worked hard to mitigate many financial challenges and other pressures impacting on the project. The significance of the scheme in terms of the positive impact on Cheltenham High Street and wider economic benefits is such that the council has agreed to provide support to ensure the project can be future proofed and delivered.

“We know only too well the importance of the MX scheme in terms of its positive impact on Cheltenham High Street, and the town’s burgeoning cyber and technology community and so we are grateful to CBC for their intervention and their financial support to ensure this project will achieve the benefits for Cheltenham.”

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