Rotherham agrees regen adjustment

Agreement has been reached between Rotherham Metropolitan Borough Council and its private sector partner on amending the terms of their regeneration deal.

In September this year, the authority entered into further contractual arrangements with Muse Developments to continue the redevelopment of Forge Island.

Those negotiations have now been completed and a £46.8m agreement has been reached that will see Muse deliver the regeneration scheme at Forge Island “within the context of challenging market and financing conditions”.

Originally signed between Rotherham and Muse in 2018, the agreement is being adjusted due to unforeseen market conditions, particularly shifts in the gilt market, which significantly reduced the funding available to Muse for the project.