The signing of the agreement is a step towards major improvements to Nottingham’s two main shopping centres.
These include the £40m remodelling and refurbishment at intu Victoria Centre which is already underway, alongside the £150m proposed investment by intu and the city council in the redevelopment of intuBroadmarsh - ahead of a wider development and extension of intu Victoria Centre.
Leader of Nottingham City Council Jon Collins said: “This agreement means that the key component of our plans to reinvigorate the city centre for visitors and shoppers can move forward, with the transformation of intuBroadmarsh.”
Mike Butterworth, chief operating officer for intu, said: “intu now has in place investment plans that will extend and upgrade the city’s two favourite shopping destinations, introduce new brands, restaurants and leisure spaces and create new and improved gateways to the city in the north and south.”
Construction work to extend and refurbish intuBroadmarsh could start before the end of 2015, subject to the commercial and legal conditions of the agreement.
intu has been working with local architects Benoy since early 2012 on potential designs.
intu plans to carry out the formal public consultation over the summer so that a planning application can be submitted in autumn of this year.
In parallel, city council proposals for major improvements around the centre, including the pedestrianisation of Collin Street and improvements to Carrington Street will follow later this year.
Some content and comments from this blog are originally from Property Week Online 27/01/14
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