KPMG’s Real Estate Advisory team has been appointed as financial and property advisors on the UK’s biggest regeneration project outside of London and one of the largest in Europe.
The 72 hectare brownfield site surrounds York Station, and will create a new urban quarter for the historic city, potentially delivering up to 2,500 homes and up to 120,000sqm of commercial space, together with placemaking public realm and other amenities. City of York Council (CYC) believes that the project will create up to 7,000 jobs within the city, and over £1.1 billion of value for the region’s economy.
York Central is led by a partnership between CYC, Network Rail (NR), Homes and Communities Agency (HMRC) and the National Railway Museum (NRM). In last December’s Autumn Statement, much of the site was granted Enterprise Zone status. The project is also spearheading a new initiative between NR and the HCA, announced in last April’s Budget, to put stations at the heart of community-wide regeneration and to deliver development schemes more quickly.
KPMG will be working with Savills, and other design, technical and legal advisers to be appointed. The combined team will advise on the development’s physical form and use mix, its funding, governance and delivery structure. The team will also support the stakeholders in selecting appropriate investor and developer delivery partners, and the creation of longer-term management arrangements, as the project will be phased over a number of years.
The combined team will be led by KPMG’s Chairman of Real Estate Advisory, Stephen Barter, working with Barry Allen, Director of Development at Savills and Head of the Birmingham office.
Commenting on the appointment, Stephen Barter said:
“York Central represents a once in a generation opportunity to complete a missing segment of the city’s historic fabric. It will create new homes, commercial facilities and public spaces within a distinctive new neighbourhood with the Station at its heart, which the whole community can enjoy.”
Mary Weastell, Chief Executive of City of York Council, said:
“We were delighted to have secured KPMG and Savills to work with us and our partners in planning and delivering such a long-awaited development, which is so critical to York and its community. The four partners are committed to working together to deliver growth, in keeping with our long-term ambitions for the city.”
Simon Wilson, Corporate Communications Assistant Manager
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Notes for Editors
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
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