Rochdale Riverside deal shortlisted for property deal of the year
Date published: 03 May 2018
John Searle, Director of Economy at Rochdale Borough Council
The deal underpinning Rochdale town centre’s new shopping and leisure development, Rochdale Riverside, has been shortlisted for property deal of the year for the North West Property Awards.
The awards, which mark their 20th anniversary this year, are organised by trade publication, Insider, and recognise excellence in the field.
The £80m funding deal which was struck by the council, Genr8 Developments and Kajima, with M&G Real Estate will see the council pay M&G an annual sum over a 35-year period funded from the rental income received from the scheme’s occupants. The council will then have the option of having ownership of Rochdale Riverside transferred back to them at the end of the 35-year-period.
John Searle, Director of Economy at Rochdale Borough Council, said: “Rochdale is a very serious player in the business and investment world. This all translates into more money for our borough and more jobs for our residents.
“We’re really proud that our borough features so heavily in this shortlist and we’ve got everything crossed for success on the night.”
The winner will be announced at a ceremony in Manchester on Thursday 17 May.
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