Nottingham council is proposing to invest £50m to ?press forward the redevelopment of Intu Properties’ Broadmarsh mall.
Councillors will vote next week on a conditional deal ?to invest the funds that would allow Intu to start the £150m redevelopment of the 487,000 sq ft mall.
The council is keen to press forward with the project, which would include a cinema, a new anchor store, cafés and restaurants and £21m of transport improvements. It has been in negotiations with Intu since it bought the mall from Westfield in November 2011.
The purchase was investigated and subsequently cleared by the Office of Fair Trading with Intu already owning the Victoria Centre in Nottingham.
Intu also has plans for a 540,000 sq ft extension of ?the Victoria Centre to make it 1.5m sq ft.
The council hopes work could now begin on Broadmarsh in 2015 and be completed by 2017.
Council leader Jon Collins said: “We will consider their application for the expansion of Victoria Centre as soon as possible but the timescale for its development is now linked to the development of the Broadmarsh Centre.”
nick.whitten@estatesgazette.com
