Ian Mercer, BK partner and adviser to Wolverhampton City Council, points to the significant progress of key schemes like Interchange and the Summer Row retail development which are all set to change the face of the city forever. He comments, “The £176m Interchange scheme is one of the biggest regeneration projects ever to be delivered in the Midlands. It will provide a new transport network, 3,000 new jobs as well as an injection of 413,000 sq ft of offices, 114,000 sq ft of leisure space, 215 residential units and a four-star 150-bedroom hotel.”

”There’s no doubt that Interchange has brought the biggest boost to the city’s commercial property market in decades and there are other signs that confidence is rising. Other schemes are making great progress, such as Multi Development’s proposed £265m Summer Row mixed use scheme. This is set to provide 500,000 sq ft of new retail and leisure space, 140 apartments and new underground parking on an eight acre site. Other headline projects such as the 43 hectare Bilston Urban Village and i54 development site near the M54 will also have a huge positive knock on effect on the city centre.”

Stephen Parry, managing director of Neptune Developments, the preferred developer selected for Interchange is among those developers who recognise the value of investing in the city. He has been very encouraged by the interest shown in the scheme, “Even before the marketing programme began for Interchange, we had approaches from a number of interested parties and end users including four-star international hotel chains, other leisure operators and office users. It is an ambitious scheme but it will be phased over three or four years. Work on the first phase will release around 70,000 sq ft of office space and that should be finished by the end of 2009. Subject to the necessary approvals and consents, the whole scheme should be completed by 2012.”

Richard Law, senior partner at Bruton Knowles who advised Wolverhampton City Council on the selection of the preferred developer, Neptune Developments, comments, “The Interchange will provide an impressive new gateway into the city together with a large injection of business, residential and leisure space being bought forward. Overall it will be a major boost to the Wolverhampton and Black Country economy and the strength of the commercial property market. It will enhance Wolverhampton’s growing status as a key regional centre and encourage new business entrants to the city.”

Steve Boyes, director for regeneration and environment comments, “Major Investment continues to drive Wolverhampton’s regeneration. Interchange has to be one of the most exciting and prestigious developments that Wolverhampton has seen in many decades, and together with schemes like the Summer Row development, it will continue to drive the renewal of the city centre which has been transformed in recent years.”

He adds, “The Council’s commitment to establish an Urban Regeneration Company will ensure that the pace of change will quicken and we look forward to welcoming other major developers to the city.”