Major work to lay the ground for building 2,500 new homes and 1.2 sq ft of commercial development in York city centre is to start early next year.

Councillors voted in favour of the first phase, backed by £77m of government funding, on 45 ha of land next to the city’s station. The site is one of the largest brownfield areas in England and it’s estimated its development will create 6,500 new jobs.

York city council leader Keith Aspden said: “This is another vital step towards delivering the York Central scheme and unlocking a £1.16bn boost to our economy, including a new generation of jobs and hundreds of affordable homes when York needs it most.”

 

A new bridge over the east coast mainline will offer access to the site which is encircled by railway lines. Drainage systems will be laid to allow for a new park, cycling and pedestrian walks to be built.

The challenging site gets a clear direction

Homes England and Network Rail have supported the development through land acquisition and master planning and will now oversee the infrastructure projects.

 

Network Rail group property director Stuart Kirkwood said: “With our partners, we are excited to progress such a positive development for York which will deliver housing, jobs and economic growth. Unlocking under-used railway land is a core part of our strategy, helping to create great places for businesses and communities to thrive.”

 

The government’s £77m contributions are part of a wider £155m funding package pulled together by the city council which includes £23.5m to transform the front of the railway station. Improved visitor access to the National Railway Museum is also planned.

 

Brokers Hank Zarihs Associates said the project was exactly the type of initiative property development lenders would be keen to back.

The city council formed a development partnership with Homes England, Network Rail and the National Railway Museum four years ago to bring the empty land back into use.

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Shiraz Khan
Shiraz Khan is the author of the following content. Shiraz is the managing director and founder of Hank Zarihs Associates, with over 16 plus years of experience in fnance, Hank Zarihs Associates are master brokers within the finance industry. We specialsie in a wide variety of short term funding products.