Corby: Building its new future

Over the past 100 years Corby has developed from a village to a steel town and now looks set to be transformed again says commercial property specialist Underwoods as it is highlighted to form a key role in the Government’s strategy to develop the South Midlands Milton Keynes area.

At the heart of the strategy is the construction of some 160,000 new homes for Northamptonshire - with 27,800 new homes for Corby alone. With this anticipated growth in population, Corby town centre is set to radically changed and up-graded in the next few years.

Multi-million pound plans to redevelop the area are already taking place; the town centre owner, Land Securities has begun work on the new £35 million Willow Place Shopping Centre, which is due for completion autumn 2007. The first phase of the development will feature two large stores along with a further 20 units in an open street environment - totalling approximately 175,000 sq ft (16,258 sq m). Once completed, New Look will relocate to the scheme from its existing site in Corporation Street, joining TK Maxx and WH Smith as confirmed tenants. It is also believed that Wallis, Dorothy Perkins and HMV have too signed up to take space.

The new shopping centre is being constructed opposite the proposed £70 million Parkland Gateway development. This is set to include a £27 million building - Corby Cube - which will house facilities such as a theatre, council chambers, register office, civic suite and a £5 million library. It was also announced at the end of last year that Corby will be the location of a brand new 50m, international swimming pool and will form part of the masterplan for the flagship Parkland Gateway project.

Paul Tudor, Senior Partner at Underwoods says: “The regeneration of the town centre is probably the biggest and most important part of the ‘new’ Corby. Willow Place will undoubtedly help to re-establish Corby as a prime shopping location and substantially reduce the expenditure leakage to neighbouring towns.”

A bigger population ultimately means more customers with disposable income to spend and more customers means more business for wholesale and logistics businesses. Corby is currently the focus of considerable interest from developers and occupiers of strategic distribution units. The appeal of the location derives in large, part from low labour costs and relatively low cost land, combined with an advantageous location. ProLogis is offering a speculatively built unit of 150,000 sq ft (13,935 sq m) at Eurohub Rail Head and planning permission has been granted for 3.5 million sq ft (325,150 sq ft) to Bee Bee Developments/Astral Developments at Stanion Plantation - this is now under construction.

Such it the extent of strength of demand within the B8 (distribution) market that it is considered that the existing allocated supply could be developed within the next couple of years.

It is, however, also important to protect sites that are perhaps more suitable for offices, light and general industrial. In March 2006, Catalyst Corby confirmed that funding had been secured to create the £7m Corby Enterprise Centre, which will provide entrepreneurs, innovative and expanding businesses with high quality office and workshop space. Completion is anticipated in 2008. Derby based developer, Cedar House Investments is also scheduled to commence work on a £4 million office scheme at Saxon Way West, on the Oakley Hay Industrial Estate - which should be completed in the summer. The development - Headway Business Park - is set to offer local occupiers the opportunity to rent or buy high quality, purpose-designed office accommodation, not available elsewhere in the town at present.

Paul Tudor concludes: “The last few years seem to have been kind to the town and it seems as though the regeneration vision is all going to plan thus far - however there is one pivotal decision which will either open the floodgates for further development, or keep the gates firmly bolted for the foreseeable future.”

“Corby has been without a passenger rail service since the early 1990s and restoring a service to the town is seen by investors and stakeholders as essential to continuing the success of the regeneration scheme. Without a promise of a passenger service, the town will be very unlikely to reach its growth potential, which goes against the Government’s own strategy and general sustainability ethics.”

On the plus side, plans have been drawn up by the county council to improve the road network in and around the town to ensure that it does not ‘grind to a halt’ under the pressure of Government plans for its expansion. New roads such as the £20 million Corby Link Road and the £5 million Northern Orbital Road are already in the pipeline. Under the county council’s wish list, work could also take place to dual the A6003 from the Oakley Hay roundabout up to Mitchell Road.