Broad Marsh sale to help power city ‘on life support’
The sale of the Broad Marsh site in Nottingham will ‘inject some life’ into a city that it is ‘on life support’ – that’s according to one prominent city developer.
Sam Monk of Monk Estates was speaking to TheBusinessDesk.com after Nottingham City Council yesterday voted through plans to sell the derelict site to an unnamed developer.
The land included in the sale comprises the former Broadmarsh shopping centre, the cleared site to the west of the Green Heart, the NCP multi-storey car park, Severns House and former college site in Maid Marian Way.
The council took back control of the wider site in July 2020 following the sudden collapse of the Intu group of companies.
The council says the proposed buyer intends to work with partners, including the council, to “drive forward” the regeneration.
Monk said: “This is a huge step in the right direction. Letting the private sector in will bring critical new investment into the city.
“The Broadmarsh has been a blight and a major stumbling block for so many other big projects. Stagnation and indecision by the council for so many years is infectious. Doing nothing has no doubt had a detrimental effect on large projects around it – the Island Quarter and The Guildhall for example, all amazing opportunities which are seemingly mothballed. Of course it’s not entirely the fault of Broadmarsh, but it’s always the first questions that any potential funders ask about.”
The council says it will continue to be actively involved in the site as it develops over the coming years, with the proposed buyer due to consult over the delivery of the project through the planning process.
Meanwhile, Liz Cartwright, MD at property PR and marketing agency Cartwright Communications, said: “The Broad Marsh site is of huge significance for Nottingham having seen numerous ‘false dawns’ over the last couple of decades, so to see such a firm and positive step forwards is fantastic news for the city. The positive impact will be far greater than the site itself, acting as a catalyst for further regeneration within the city and delivering enormous social value in the local community and wider regional landscape.”
Monk added: “Hopefully, this news will inject some much needed life blood back into our beloved city. Walking around it at the moment it feels as though it’s on life support. I just hope they sell it to a developer with a proactive and proven track record, we can’t afford anymore tyre kickers. I love this city and it breaks my heart to see it falling behind.”
