New terms agreed for the £200 million Maritime Gateway scheme

Tenants' Link
MG20120020600 Tcm64 450516 (1)

New terms agreed for the £200 million Maritime Gateway scheme

Following the purchase of the 4.8 acre city centre site by Packaged Living and Fiera Real Estate earlier this year, Southampton City Council has approved the commercial and financial terms for the Maritime Gateway scheme.

As part of Packaged Living’s green rejuvenation of the former Toys R Us site, arrival to the city from Southampton Central train station will be transformed with an attractive new pedestrian route linking the train station and Harbour Parade, aptly named ‘Maritime Promenade’.

A recent public consultation on the proposed new scheme revealed the latest designs which include:

  • 600 new homes
  • 65,000 sq ft of grade A office space
  • 23,000 sq ft of retail space
  • 48,000 sq ft of flexible space which could be used for hotel or office space
  • 170 podium covered car parking spaces, all with electric charging points
  • 480 secure cycle spaces

The Maritime Gateway will also deliver other key benefits to the city including the creation of over 500 new jobs, both during and after construction, and new homes, contributing to Southampton’s ambitious housing targets. The scheme will not only provide a place for people to live and work, but it will also become a vibrant destination for local people and visitors to enjoy with awide variety of new leisure, retail and hospitality venues.

Packaged Living are keen to progress quickly with the £200 million scheme with a planning application due to be submited before the end of this year and a start on site next year.

Councillor Jeremy Moulton, Deputy Leader and Cabinet Member for Growth for Southampton City Council, said:

“The new commercial and financial terms for the Maritime Gateway is another positive step forward for this key site and it is brilliant that Packaged Living are able to bring the scheme forward without the need for council investment. It is therefore likely that the funding previously earmarked for this site from the council’s capital programme will be removed.

“We will continue to work with Packaged Living and use our influence as the landowner and planning authority to ensure this exciting, modern scheme is consistent with our corporate and social priorities for this area of Southampton. We have listened to feedback and we understand that development in the city needs to be more ambitious and deliver greater value for our residents, businesses and visitors and we will be having those conversations with investors and developers to make this happen.

“Maritime Gateway, ideally located opposite Southampton Central train station, is one of three key development sites in Southampton coming forward at the moment. Maritime Gateway contributes to over 22 acres of land which is soon to be redeveloped in the city and over half a billion pounds of private sector investment. It is through projects like these that we will drive our economy and generate inward investment to get Southampton moving, creating more opportunities and prosperity for our city.

“I look forward to the next stages of the Maritime Gateway scheme and the much-anticipated start on site next year which will be the beginning of a major transformation for the city centre.”