A major project to regenerate part of Durham’s Riverside, securing 800 jobs in the process is one of the latest projects undertaken by Oldbury-based Richardson Capital. The regeneration will include new offices for National Savings and Investments and will support more than 300 construction jobs.
Richardson’s is part of a development consortium which includes Carillion Developments and Arlington Real Estate.
Richardson Capital is also transforming the Lowesmoor area of Worcester – all part of a £75 million regeneration scheme, once again with Carillion as a partner.
The scheme, christened the St Martins Quarter, includes retail outlets, restaurants, leisure facilities and a multi-story car park as well as a new ASDA which boasts 125,000 sq ft of floor space and a car park for 500 vehicles. The project has also involved the restoration of one of Worcester’s most historic buildings.
The former Majestic Wine Warehouse, which dates back to the Civil War, is being transformed into new offices. In its 350-year history the building has been an infirmary, a school, a working men’s institute, a plate factory, a carriage works and a shop.
Richardson’s has been developing real estate for six decades. The company was founded 60 years ago by the Black Country’s most famous twins – Roy, aged 83, and the late Don Richardson, and is now looked after by sons Lee, Carl and Martyn Richardson.
They believe in thinking global and the company, which also specialises in business investment as well as property, now has developments across many European countries including Hungary, Austria and the Netherlands.
A recent investment is the luxurious Palazzo Dorrotaya, one of the most exclusive office addresses in Budapest. Richardson Capital are joint owners with RDM Gruppo Fingen of Italy.
The 1821 building has recently been renovated and is occupied by UBS and global legal services firm Baker & McKenzie. It also includes luxury apartments and shops.
Another Richardson shopping mall is in Salzburg in Austria. It’s the second project in Austria developed by Richardsons and McArthur Glen.
The mall, close to Salzburg city centre and the airport, was designed along the lines of a 1920s shopping arcade with an interior mall and circular galleries on two levels. It has 140 stores including Hugo Boss and Calvin Klein.
Don Richardson died in September 2007, aged 77, bringing an end to the legendary partnership of Don and his younger twin Roy Richardson who founded the hugely successful Richardson Group of companies.
Despite expansion across the world, the Richardson twins will be best remembered for one of their earliest and biggest regeneration developments on their own doorstep – the transformation of the 300 acre former Round Oak Steelworks into the Merry Hill Shopping Centre.
This development is one of the biggest retail centres in Europe.
The company has an impressive property portfolio. The main Richardson company – Swiftfire Holdings – has recovered after a dip caused by the fall in property values. In 2011 the company has net assets worth more than £131 million.
The company is expanding into North America with a £50 million joint venture deal with locally-based Carillion to develop prime sites in the fastexpanding Greater Toronto area of Canada.
The company also has a 50 per cent stake in a £600 million new town project which will resurrect the site of Scotland’s iconic Ravenscraig steelworks near Motherwell.
This is one of the biggest regeneration projects in Europe. Another Scottish development – in association with Carillion – is a retail park on the site of the former truck plant in Bathgate.
The Richardson Brothers Foundation was established in 2006 to help less fortunate members of society, and has helped many organisations including Dudley College, The Fire Fighters’ Charity, The Children’s Trust, Cure Leukaemia, the Prince’s Regeneration Trust and Acorns Hospice.
The family has significant interests in other property and non-property related businesses.