The Broad Marsh development site in Nottingham could be sold, generating significant capital for the city council.
The council’s executive board will meet next week (18 March) to discuss the sale of one of the largest and most important city centre development sites in the UK, to an unnamed developer.
Until June 2020 the Broadmarsh Shopping Centre was leased to intu with refurbishment of the centre being well underway. This had seen large parts of the eastern end of the site partly demolished to make way for a new cinema/bowling/food & beverage offering and several pre-lets had been agreed with retailers and operators.
With the demise of intu the site was handed back to the Council, and over the remainder of 2020 it was vacated and mothballed.
Nottingham City Council, as landowner and Local Authority, has since actively promoted the
redevelopment of the Broad Marsh area and has delivered significant progress, including extensive partial demolition of the site, the construction of the Green Heart public realm area, construction of adjacent supporting uses such as the new library, bus station and retail units, working with Nottingham University Hospitals Trust to develop the Community Diagnostics Facility, and development of the Collin Street public realm.
A vision and master plan for the reimagining and regeneration of Broad Marsh has also been developed, with this work set to continue with the purchaser to ensure the successfully delivery of the redevelopment project.
The master plan proposes more than 1,000 new homes built alongside 20,000
sqm 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, with 2,500 jobs expected.
The purchaser is expected to begin active works on the project in the short term and aims to begin construction in 2029/30.
