Redevelopment in Winchester - TrustNews Dec 2002
Trust members were the first audience in Winchester to hear Michael Capocci, development director with Thornfield Properties plc, engaged to redevelop the Friarsgate area.
He explained in detail how developers work, and demonstrated how finance is obtained from institutions in which members of the public are participants through insurance policies and pension funds. He pointed out some of the many risks involved and that not all projects are successful. The Dome, when built "was worth less when finished than when it went up because nothing inside it attracted enough people." On the other hand, the Eden Project has been a great success and the Jorvik Centre "paid for itself in the first year."
In addition to obtaining finance and carrying out extensive marketing research, there are numerous planning and environmental requirements to be met and, when the area is in multiple ownerships, the purchases have to be negotiated simultaneously so that no one can "hold you to ransom."
In the course of replying to questions, Mr Capocci said, "I am not going to flatten the Marks & Spencer warehouse. I think people want a mix of building in an eclectic development. We are not putting in masses of parking, nor am I going to drown the site. The water table is just below the surface and I seek not to disturb the archaeology." He described his vision for Winchester as "keeping the old and adding a shot of adrenalin. It needs a pick-me-up. A 'Master Planner' and a specialist in housing needs will be brought in when the development brief has been approved. "Our scheme will not compete with West Quay or Basingstoke" he assured members.
In thanking Mr Capocci, Chairman, Roger Backhouse said that the Trust Council looked forward to keeping in close touch with the progress of the development and welcomed the involvement of the Trust in appointing the Master Planner.
The evening started with the Chairman, welcoming a 'full house' of members to the Annual General Meeting, when the following members were elected to the Council of the Trust: Mr M. Carden, Mrs P. Edwards, Mrs J. Martin, Mr N. McPherson, and Major A. Trimmer 0.B.E.