| Ambitious plans to build a ski slope, an arena and hotel on the North Star site have been given a last minute reprieve with the involvement of Seven Capital Investments. |
In December, development firm Moirai Capital was served with notice that Swindon Borough Council intended to call time on the project after repeated delays and unfulfilled commitments
Seven Capital Investments Ltd, which is also one of the UK’s leading private capital funders, has agreed in principle to acquire control of Moirai Capital Investments in order to take forward plans to transform North Star with more than £100m of investment.
Currently managing a development portfolio of more than £800 million, Seven Capital has been responsible for major property investments across the country and has identified the North Star development as an ideal opportunity for it to invest in the leisure market.
Seven Capital’s interest in the regeneration project comes after the Council served Moirai notice of its intention to terminate the development agreement covering the former Clares site, which had been earmarked for an indoor ski slope, water park, hotel and other leisure and sports-related retail.
Moirai was given until 12 January 2017 to fulfil the terms of the notice or see the development agreement terminated. But following the proposal by Seven Capital, the Council has today (11 Jan 2017) withdrawn the notice of termination.
The plans for the North Star development include a cinema, 5,000-seat entertainment arena, ski centre, range of leisure activities, restaurants and cafes, retail space and a hotel.
A period of due diligence will now be carried out by both the Council and Seven Capital which, if successful, will see the Council’s Cabinet consider whether to approve the proposal.
Seven Capital has indicated it would also work with Moirai on the Oasis site.
If Seven Capital’s proposals are supported by Cabinet, detailed planning proposals could be submitted later this year.