Proposed redevelopment of the Broadmarsh shopping centre in Nottingham could result in around 5,000 permanent jobs created in the city over the coming years.
Westfield, the property group that owns the site with joint-venture partner Royal Mail Pension Fund, has today unveiled investment plans worth £500 million that would see the retail hub transformed with a new design and the arrival of many new occupants.
Nottingham City Council is currently considering the revised plans, and the local community will be able to offer their opinion on the development at a public exhibition between Thursday March 24th and Sunday March 28th.
Core components of the scheme have always included the arrival of two department stores and a new transport hub, but Westfield was made to revise earlier plans to ensure the development enhances connections with the city and is in-keeping with the city centre.
Peter Miller, Chief Operating Officer at Westfield, said it was frustrating that economic problems over the last few years have delayed the scheme, but he is now encouraged about the renewed demand and impetus from retailers looking for space in Nottingham.
“This scheme is vital to unlocking the regeneration of the south side and will provide a catalyst for further investment in this important gateway to the city,” he added.
Earlier this year Hollister and Cult committed to opening new stores in the new look Broadmarsh, and they will be part of the first phase of the major redevelopment set to be completed by next spring.
It is estimated that the wider transformation of the shopping centre, if backed by the local authority, will be concluded by 2015.
As consumers in the east midlands get set for changes to their shopping landscape, a public consultation for a new retail development in the West Midlands has just ended.
Birmingham City Council and Network Rail are currently proposing major construction at the New Street train station and Pallasades shopping centre site, which will result in the building of a modern-looking four-storey 250,000 sq ft John Lewis department store.
Assuming there are no objections to the £100 million regeneration project, the council claims that it will create 900 new jobs when opened in 2014.