Private investors ‘ready to go’ on former Broadmarsh site

The regeneration of the Broad Marsh area took a significant step forward on Monday (February 24) when the East Midlands Combined County Authority’s (EMCCA) investment committee approved a £3.4m contribution towards the demolition of the rest of the remaining derelict shopping centre.

The decision will go to EMCCA’s next board meeting, in March.

As we reported last week, the entire demolition project is expected to cost just under £30m and is scheduled to start this July. Nottingham City Council, which owns the land on which the shell of the former Broadmarsh Shopping Centre sits on, says the work will last a year.

Speaking to the Local Democracy Reporting Service, the leader of the city council, councillor Neghat Khan said the rest of the money would come from private investors who will snap up parts of the site.

She said these investors are “ready to go”, adding: “I think we’re weeks away from announcing that- it’s just making sure we can sign the dotted lines and then it can go public, it’s some really good news.”

Earlier this year, Khan ruled out building any student accommodation on the site of the former Broadmarsh Shopping Centre.

She said the plans for regenerating the derelict site in Nottingham city centre will be revealed in March. She told a full council meeting that she will prioritise the building of family homes on the site, saying that there was “enough” student accommodation in the city centre.