Mystery developer set to buy entire Broad Marsh site
Nottingham City Council is set to vote through the sale of the entire Broad Marsh site, it has emerged.
The council will approve the plans at a meeting next Tuesday (March 18), saying the sale to an unnamed developer will bring in a “significant capital receipt” and relieving it of the £1.25m annual upkeep of the run-down site.
The mystery developer has committed to following the council’s masterplan for the derelict former shopping centre, with construction set to kick-off in 2029/30.
The masterplan includes more than 1,000 new homes built alongside around 215,000 sq ft of office, commercial and leisure space and outlines a “strategic intent to transform the area, create opportunities to live and work and bring significant investment and employment”. It also outlines around 2,500 jobs being created.
Although the buyer remains unnamed, the council said: “The buyer has a strong focus on place making, sustainability and quality, and will require similar from private sector developers. This work will be facilitated in part by the recent East Midlands Combined Authority grant which has been provisionally awarded to the Council.”
In July 2021 Heatherwick Studio were appointed to create a vision for Broad Marsh area. The vision was informed by the Big Conversation, an extensive public consultation which attracted more than 3,000 responses and 12,000 comments.
The move comes after the East Midlands Combined County Authority confirmed that it would approve £3.3m towards the demolition of the remaining shopping centre shell.
