Council leaders agree £50m funding to start intu Broadmarsh redevelopment

Regeneration bosses at Nottingham City Council have agreed a £50m funding plan so that the redevelopment of the Broadmarsh shopping centre can start immediately.

The Council has also agreed to new push forward with the Central Library, a new bus station and retail units.

In a report to the Council’s Executive Board, which sat yesterday afternoon (18 December), David Bishop, deputy chief executive of the Council and strategic director of development, Chris Deas, director of major projects and Jon Collins, the leader of the Council will urge the board to approve the long-awaited Broadmarsh Shopping Centre scheme, which will enable intu to appoint a contractor and start construction.

In a document seen by TheBusinessDesk.com, Nottingham City Council says both itself and intu are now in a position to start the redevelopment on the intu Broadmarsh, but acknowledges that since the scheme was first agreed with intu that “the world has changed significantly, with high street retail facing huge changes in response to different drivers, but principally the inexorable rise of online shopping.”

The Council also says the momentum built up by the redevelopment of the the Castle, the Skills Hub, the new Car Park including Bus Station and Library could be “significantly dashed” if the shopping centre plan doesn’t go ahead.

The Council says it has received reassurances that its £50m investment will be safe because intu has said that it has full confidence in the scheme and is prioritising it ahead of others around the UK. It will borrow the money to fund its contribution, it says, but is confident that it will make the repayments.

Councillor Jon Collins, Leader of the City Council, said: “This is the latest step in turning our proposals for the Broadmarsh area into reality, and approval today means that subject to contracts being signed, works in the area can start very quickly and hopefully very soon.

“The people of Nottingham have shown a lot of patience by waiting for the forthcoming redevelopment of the area, and it’s about to be rewarded. This redevelopment is for them and the future of this city – it will bring jobs, growth, more visitors and greater confidence in the city centre.

“The City Council and our partners are investing heavily in this redevelopment, which is inspiring private sector investment around the area, at Unity Square, City Buildings and the Island Site to name a few, meaning there will be better opportunities for those who live and work here and more prosperity for local people. The money the council is investing in this is not council tax – we have secured external funding and loans, supported by increasing car parking, advertising and rental income so council services aren’t affected.”

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