NEWS that an established property investment firm is looking to get involved in the North Star redevelopment project has been welcomed by the cabinet member responsible for regeneration.

Seven Capital is planning to take a controlling stake in Moirai Capital Investments, the firm that came within 24 hours of losing out on the development deal entirely after repeated delays and missed milestones.

The council hopes that the arrival of Seven Capital will herald a new chapter for the ambitious project after a series of frustrating delays.

But who exactly are the Birmingham-based outfit and what can they bring to the table?

Established in 2007, the company now boasts offices in London and Dubai.

Specialising in transforming city centre locations into high-end residential apartment complexes, it has completed a number of multi-million pound development projects, predominately in the Midlands but also further afield including in Liverpool and the London commuter belt.

In addition to an extensive residential portfolio, the firm also has a growing involvement in large scale commercial projects including offices, business parks and a 20,000 sq ft shopping centre.

It is also involved in seven hotels including a property overlooking the Dubai and a flagship location in Sydney, Australia.

The company’s desire to include Swindon alongside these high profile locations will come as a boost for Swindon Borough Council as it looks to promote the town as a centre for business and residential growth.

A spokesman for Seven Capital said: “We’re very pleased to be entering into an acquisition of Moirai Capital, and look forward to being able to progress the development of the North Star in Swindon.

“Our expertise as a developer spans across the residential, commercial and hospitality sectors, and we’re always looking for new and exciting projects we can add to our portfolio.

“The North Star is a fantastic addition and we look forward to working closely with Swindon Borough Council on this.”

The project embarked upon by Moirai promised everything from an indoor ski slope and water park to an arena, a cinema and a hotel.

Turning the former Clares site from a bare expanse of concrete into one of the premier leisure destinations in the South West will take all of Seven’s industry know-how in what will be its first venture into the sports, leisure and entertainment sector.

All parties involved will now take a period of time to complete the required due diligence work before details of the new developments are arranged.

The council’s cabinet will have to agree to any changes in the agreement including new timescales and completion milestones.

Early estimates suggest that applications for detailed planning permission could be submitted before the end of the year.

It is possible that the planned make-up of the site could change as Seven gets to grips with the proposals that were in place prior to its arrival.

We’ll keep you updated as plans start to take shape in the coming months.