£1bn Greyfriars Vision Set to Transform Heart of Northampton with 1,220 New Homes
Plans have been formally submitted for a £1 billion transformation of Northampton’s long-derelict Greyfriars site, paving the way for one of the town centre’s most significant regeneration programmes in decades. Developer ECF is seeking permission from West Northamptonshire Council to create a major new mixed-use neighbourhood incorporating up to 1,220 homes alongside more than 100,000 sq ft of retail, leisure, commercial and community space. ECF, the development partnership between Homes England, Legal & General and Muse, has submitted a hybrid planning application covering the majority of the regeneration area. While the wider masterplan is seeking outline approval, detailed consent is being requested for the first 103 homes on the Upper Mounts and Newlands surface car parks. This approach would allow an initial residential phase to progress while subsequent elements of the wider development are brought forward. At the heart of the proposals is the ambition to turn one of Northampton’s largest brownfield sites into a new town centre neighbourhood where housing is integrated with workplaces, shops, leisure and community facilities. Significant investment in the public realm also forms part of the vision, with new green and civic spaces planned alongside improved pedestrian routes and connections across the site. Surrounding roads and infrastructure will also be reworked to better integrate Greyfriars with the existing town centre. A separate planning application has been submitted for the restoration and reuse of Northampton’s listed Corn Exchange. The heritage building is intended to become a centrepiece within a substantial new public green space, with potential cultural, leisure and food and drink uses helping to introduce activity throughout the day and evening. Greyfriars has remained a major regeneration challenge since the former Greyfriars bus station was demolished in 2015. Bringing the site back into productive use has subsequently become an important part of Northampton’s wider town centre ambitions. The scale of ECF’s proposals would see the area move beyond a single-use residential development, creating a broader mixed-use district capable of supporting new homes, employment, commercial activity and community life. Glyn Mutton, development director at ECF, said: “The Greyfriars application is an exceptional opportunity to reimagine a major part of Northampton town centre, to create a neighbourhood that people will enjoy for generations. “We are incredibly excited by the potential to bring new life, activity and energy to this important place, with new homes, workplaces and public spaces that will make a tangible difference to the town.” The scheme reflects a wider shift in UK town centre regeneration, with large brownfield and former infrastructure sites increasingly being redeveloped as mixed-use neighbourhoods rather than relying primarily on traditional retail and commercial uses. For Northampton, the combination of 1,220 homes, new commercial floorspace, restored heritage assets and substantial public realm could fundamentally reshape this part of the town centre. West Northamptonshire Council is expected to determine the planning applications in early 2027. Subject to securing approval and progressing construction, the first new homes are expected to be completed and ready for occupation in 2029. Building, Design & Construction Magazine | The Choice of Industry Professionals
Landsec Strikes £516m Metrocentre Deal as Major Retail Investment Accelerates
Landsec has exchanged contracts to acquire 100% ownership of Metrocentre in Gateshead for £516 million, securing control of one of the UK’s largest shopping and leisure destinations as it steps up investment in major retail assets. The landmark transaction will add approximately 1.86 million sq ft of lettable floorspace to Landsec’s portfolio, with Metrocentre currently home to 282 stores and generating annual retail sales of around £650 million. The acquisition also includes the neighbouring retail park, providing a further 200,000 sq ft of retail accommodation across 15 units and creating a substantial combined property holding in one of the North East’s most established commercial locations. Metrocentre is currently 95% occupied, with an average lease term of 4.5 years to expiry. Its extensive occupier line-up includes Apple, Sephora, Zara, Marks & Spencer, Bershka, Stradivarius, Next, Lego, Primark, JD Sports and Lefties. For Landsec, the £516 million purchase represents a significant step in its strategy to invest a further £1 billion in major retail destinations. The property group believes the strongest shopping centres are benefiting from a continued shift among leading brands towards fewer but larger and higher-quality stores in locations capable of attracting substantial customer numbers. Mark Allan, chief executive officer of Landsec, described Metrocentre as a rare opportunity to take full control of a top-10 UK shopping centre, highlighting its scale, catchment and attractiveness to major retailers. He said: “Growing our investment in major retail destinations remains our highest conviction call, given the high income yields and attractive income growth on offer for the right assets.” The acquisition comes against a backdrop of strengthening performance across Landsec’s existing retail portfolio. Lettings completed during the five months to 31 August 2026 have been ahead of estimated rental value, while relettings and renewals have also achieved increases against previous passing rents. Landsec continues to anticipate like-for-like net rental income growth of approximately 3% to 5% for the financial year ending 31 March 2027. From a property and built environment perspective, taking full ownership of Metrocentre also gives Landsec greater control over the long-term management, investment and evolution of the destination. As consumer habits continue to reshape the retail property market, major shopping centres are increasingly being repositioned as broader destinations combining retail with food, leisure, entertainment and enhanced customer experiences. Control of large sites can provide landlords with greater flexibility to invest in buildings, public spaces, occupier requirements and future redevelopment opportunities. Landsec said retail sales across its existing major retail platform have increased by 26% since March 2022, compared with 1% across the average UK market, while occupancy across its major retail portfolio has reached a two-decade high. The Metrocentre transaction is expected to be funded through a combination of an equity issue and Landsec’s existing debt facilities. CBRE advised Landsec on the acquisition, while Knight Frank acted for the vendor. The £516 million deal provides another major vote of confidence in the future of the UK’s strongest physical retail destinations, with Metrocentre now set to become a significant part of Landsec’s expanding retail property portfolio. Building, Design & Construction Magazine | The Choice of Industry Professionals
Pexhurst crosses the finish line on luxury Tritax refurb
SPECIALIST refurbishment main contractor Pexhurst has completed a one-of-a-kind project for Tritax Private Markets in Oxfordshire. The circa £5 million warehouse refurbishment has been delivered for a leading luxury car manufacturer that is becoming the property’s new occupier. More than 166,000 sq ft has been refurbished to meet a high-quality specification, dividing the warehouse from a storage facility into storage and a restoration workshop and customer experience destination. Mary Regan, commercial and contracts manager at Pexhurst, said: “What started as a straightforward Cat B fit-out became a much more complex and rewarding refurbishment project to deliver. When the incoming tenant has a vision, our role is to bring that to life while retaining as much material as possible – to reduce waste and make the project more sustainable. “The technical installations and overall number of refurbishment measures mean that we have helped create a facility that is unrecognisable in comparison to what stood before.” A panel-based white wall system has been built within the warehouse – stretching 15 metres high and 90 metres wide – to double up as a high-grade fire-resistance feature and a physical division between different areas of the building. To create the necessary storage system for the incoming tenant, Pexhurst also managed the installation of a brand-new racking and mezzanine structure with the attachment of a goods lift on behalf of the tenant. Areas initially planned for demolition were retained, while enhanced facilities for future building users were added into the scheme, including a canteen and new showers. Alongside typical refurbishment measures, Pexhurst installed several environmental measures such as PV panels and EV chargers, along with building fabric improvements such as new roof lights, windows, doors and roller shutters. Contributing to the project’s sustainability target to achieve BREEAM Very Good rating, Pexhurst continued supporting successful partnerships with reuse scheme The Pallet Loop and social enterprise Men’s Sheds. By working closely with subcontractors on site to increase circularity, Pexhurst was able to recover more than 500 pallets throughout the project, and 500m2 of carpet tiles stripped out during the refurbishment have since been used in social housing construction projects. Vinyl offcuts were also donated to Recofloor, contributing to closed loop recycling efforts, and several bug hotels were installed during Pexhurst’s time on site to enhance local biodiversity. When visited by the Considerate Constructors Scheme, the project received a near perfect score of 41 out of a possible 45. Meanwhile, social value activity included donations to Didcot Baptist Church Foodbank and Oxford Hub. Tom Newton, director development at Tritax Management LLP, said: “We’re pleased to have given this asset a new lease of life and agreed a new letting with a valued new customer all with the support of Pexhurst. Their professionalism, flexibility and ability to respond positively to changing requirements ensured the project was delivered successfully and made them an excellent partner to work with throughout.” To learn more about Pexhurst, visit www.pexhurst.co.uk. Building, Design & Construction Magazine | The Choice of Industry Professionals
Construction ranks among UK’s fastest-growing industries, new report finds
Construction has emerged as one of the UK’s top six fastest-growing industries, according to new data ranking sectors by growth over the past five years. To determine the fastest-growing industries in the UK, the Booming Industries research by Approved Business Finance analysed Office for National Statistics (ONS) business population data to assess five-year average annual growth across 615 industries. These were grouped into 19 broader industry categories by Standard Industrial Classification (SIC) codes – the system used to classify businesses according to their main economic activity. Industry category Average five-year growth rate (%) Electricity, gas, steam and air conditioning +12.5% Real estate +4.2% Information and communication +3.5% Human health and social work +2.8% Water, sewerage and waste management +1.8% Construction +1.5% Accommodation and food services +1.2% Professional, Scientific and Technical +0.8% Administrative and support services +0.3% Education +0.1% Construction made the top six of the rankings, with an average five-year growth rate of 1.5%. The Construction Workforce Outlook forecasts further growth over the next four years, with the sector currently valued at £230 billion. In fact, the research found that Construction also ranks fourth for average five-year turnover growth, increasing by 9.64% over the same period. In first position is electricity, gas, steam and air conditioning, which recorded a standout 12.5% average annual growth rate over five years, nearly three times that of the second-placed sector, real estate (4.2%). Given recent influences like the UK heatwave and rising energy costs, businesses and consumers are increasingly making climate-conscious decisions, which naturally supports the growth and function of this sector. The real estate sector followed second with the aforementioned growth rate of 4.2%, and the information and communication sector placed third with a 3.5% growth rate. Outside of the top three, other industries have still seen strong growth rates. Human health and social work saw a 2.8% increase, followed by water, sewerage and waste management at 1.8%. On the other hand, traditional industries are facing pressure, led by mining and quarrying, which saw a decline of 4.2%, followed by financial and insurance, which saw a 2.5% decline, and manufacturing, which saw a 1.2% decline. Commenting on the research, Mark Kozo, commercial director of Approved Finance Group, said: “Our data shows that while some industries are expanding rapidly, growth is far from being evenly distributed across the UK economy. “For businesses operating in growth sectors, the challenge now is turning favourable market conditions into sustainable expansion. “Whether it is investing in new equipment, taking on additional staff, increasing stock, or moving into larger premises, growth often requires capital before the additional revenue arrives. “For SMEs in particular, having access to the right finance at the right time can be crucial to making these opportunities happen. Rather than waiting until cash flow becomes a barrier, businesses should consider where investment could help them increase capacity and improve efficiency. “Whether it’s new machinery or equipment, to avoid placing the full cost on existing cash reserves, asset finance can provide a way to spread the cost of essential investments while supporting continued growth. “With the UK’s fastest-growing industries showing where demand and investment are building, businesses that can identify these opportunities earlier and have the financial flexibility to act on them may be better placed to turn industry growth into their own competitive advantage.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Quantum Development Finance secures facility up to £500m to fuel growth trajectory
SME housebuilding lender, Quantum Development Finance (Quantum), has secured a long-term facility worth up to £500 million from Goldman Sachs, as it prepares to fund a wider range of schemes across their entire lifecycle – from initial acquisition through to post-completion investment facilities. This deal marks an expansion of its funding from £200 million up to £700 million. This additional facility significantly expands Quantum’s lending capacity, including the ability to support larger loan sizes, without changing the business’s focus on SME housebuilders. The new funding will be used to support schemes in Quantum’s new and existing customer pipelines. Founded in London in 2023, Quantum has fast become an established provider of development and bridging finance to proven, quality SME housebuilders in cities and suburbs throughout England and Wales wherever there is an urgent need for high quality new homes. Funds managed by AB CarVal, a global alternative investment manager with longstanding experience in asset-based finance and part of AllianceBernstein’s Private Alternatives business, have backed Quantum since its inception in 2023. As both a shareholder and primary funding partner, AB CarVal has supported Quantum’s growth from its first loan through the continued expansion of its lending platform. In the last 12 months, Quantum has expanded its product set for operational real estate including Build-to-Rent, PBSA and Co-living. For new and existing borrowers, this covers development and post-completion stabilisation and investment lending. This expansion has been particularly helpful for existing borrowers who wish to seamlessly switch their current development finance loans to longer-term facilities upon practical completion, benefiting from a single relationship route all the way from delivery through to stabilised income. Providing loans up to £35 million, Quantum has financed the development of 4,000 new homes to date and hit its £1 billion funding milestone during Summer 2026. Quantum’s Bermondsey-based team of 16 has 125 live projects ranging from acquisition loans to five-year operational real estate facilities. Rob Sinclair, Principal, AB CarVal: “We’ve supported Quantum Development Finance since day one, and this expanded facility represents an important next step in the platform’s growth. Quantum has built a differentiated lending model around deep borrower relationships, disciplined underwriting and the ability to flexibly support clients with agility across the lifecycle of projects. The quality of Quantum’s existing loan book is high and the fact that 80% of their borrowers are repeat or direct clients stands out. The expanded funding and product set should allow the team to build on that model and even better serve the needs of UK property developers and investors.” Oliver Thompson, Co-Founder & CEO of Quantum Development Finance: “Goldman Sachs’ approval of this facility is a positive signal for the Quantum team as we focus on building an alternative credit platform with bank-level operational rigour. It’s also a huge endorsement of the team we’ve built and the discipline we bring to every deal and operational running of the business. For our clients and partners, these large and long-term commitments from established funding partners, Goldman Sachs and AB CarVal, are a clear signal that Quantum has the appetite and readiness to keep backing high-quality developers and property investors, at every stage of their journey – whether that is their first scheme with us, or their fifth.” Quantum was established by Oliver Thompson (CEO), Rebecca Murphy (COO) and Chris Proud (CFO), three property development finance professionals with over 50 years’ lending experience between them. Oliver and Chris first worked together at Titlestone where they spent a cumulative ten years until its acquisition by Paragon in 2018. The founders have since built a team of the industry’s best, including Richard Hemmings (MD) who joined Quantum after 19 years at Close Brothers, Chris Dunton (Credit Director) from UTB and Sam Hudson (Head of Portfolio Management) from Pluto. Expanding the scope of what they can lend against was a natural next step for the Quantum team. Thompson:“Broadening our product range to accommodate customers from acquisition to post-completion has always been a key part of our growth strategy and one that complements the deep relationships we have built with our clients over several years. At Quantum we’re focused on designing a lending business with our borrowers in mind. The foundations are now in place for the next phase of our fast and sustainable growth plan.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Fyfestone reaches 70-year production milestone at Breedon’s Kemnay Quarry
The natural stone-effect concrete blocks have been manufactured at the Aberdeenshire site since the 1950s Production has evolved from manual batching to automated and computerised systems during seven decades at Kemnay Breedon Group plc (“Breedon”) has reached a major milestone at its Kemnay Quarry in Aberdeenshire, with Fyfestone now having been manufactured at the site for 70 years. First developed in the 1950s as an alternative to traditional granite, Fyfestone is designed to replicate the look and finish of natural stone and has since been used on projects across the UK, including Balmoral Castle, Devonport Docks and Manchester’s Malmaison Hotel. It is made by mixing granite aggregates with cement to produce a concrete mix. The concrete is then placed into moulds before being compressed under around 400 tonnes of pressure, creating a dense and durable product designed to closely resemble natural stone. Jeremy Edinborough, General Manager at Breedon, said: “Producing Fyfestone at Kemnay for 70 years is something we’re incredibly proud of. The product has stood the test of time, and its longevity is testament to the quality of the material and the expertise of the people who have produced it over the years. “While the fundamentals of Fyfestone have remained consistent, the way we manufacture it has continued to evolve. The introduction of automation, computerised systems and robotics has helped us modernise production while retaining the characteristics that have made the product so enduring.” Few people have seen that transformation as closely as Operations Manager Andy Henderson, who joined Kemnay Quarry in 1986 and has now spent 40 years working at the site. Andy followed in the footsteps of his father, Joe, who was previously General Manager at Kemnay. His own connection to the quarry began much earlier, having grown up in a family home on site while his father worked there. After joining the business as a general labourer, Andy progressed through the ranks and is now responsible for overseeing daily manufacturing operations, managing staff and meeting production targets. Andy said: “It’s quite something when you think about it. We’ve been caretakers for two generations and I feel quite proud to be involved in something that’s going to outlast me.” Building, Design & Construction Magazine | The Choice of Industry Professionals