Sale of Broad Marsh site approved – 2,000 jobs in the pipeline
Nottingham City Council approved the sale of the Broad Marsh site at an Executive Board on Tuesday afternoon (18 March).
The council has agreed to sell the land to a unnamed buyer with a “considerable track record of major development”, which will now take on this key city-centre location. Rumours in local property industry circles are pointing to Homes England, the non-departmental public body that funds new affordable housing in England, being the buyer
The deal has been subject to due diligence to “meet the best-value duty of the council”. Due to commercial sensitivities, the proposed buyer will only be announced once the deal has been finalised.
The sale will provide a “significant” capital receipt for the council and help accelerate ambitious plans for the area, which include more than 1,000 homes, up to 20,000 sq m of retail, office and community space and the creation of around 2,000 jobs.
The land included in the sale comprises the former Broadm 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.
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.
Councillor Neghat Khan, leader of Nottingham City Council, said: “This is really positive news for Nottingham and marks the start of a major redevelopment for this key part of our city.
“We know that people have wanted to see progress here for a long time and we understand that it has been a frustration for some that this hasn’t happened.
“However, it’s important to be clear just how much work has been undertaken by the council since the site was suddenly handed back to us in 2020 – in the middle of a global pandemic – when Intu went into administration.
“We developed the Green Heart as a direct result of feedback from residents and businesses, who shared what they wanted to see here. We now have a fantastic new green space, right in the heart of the city. The council has also successfully applied for grants to facilitate the demolition of the former shopping centre frame to prepare the ground for development.
“We’re excited by the plans that the proposed buyers have and we look forward to working closely with them on bringing these to fruition.”
EMCCA recently confirmed it was investing £3.4m to fund demolition of part of the frame on the land near to the Green Heart.
The Mayor of the East Midlands, Claire Ward, said: “It is great news that the Broad Marsh is to be sold for redevelopment. It is a key regeneration site in the East Midlands and this sale will help make the plans for the site come to life.
“Myself and the Combined Authority are really keen to partner and support wherever we can, and we want to work with the new owners as they transform the area.
“The opening of the Green Heart and the pedestrianised area along Collin Street have both been recent positive steps forward for Broad Marsh and this sale shows the further ambition and intent to really invest and transform that part of the city.”
