Watford council is seeking a partner to bring forward the redevelopment, reconfiguration and/or extension of the Charter Place shopping centre in the Hertfordshire town.
It has launched the search following its recent acquisition of the former Woolworths store at 29/35 High Street.
The council said that following “very positive feedback” from developers and investors last September, it was now pushing ahead with the project.
It hopes to appoint a development partner later this year with the intention of working up a scheme for delivery in the medium term.
Head of property at Watford council, Peter Mitchell, said: “The aim is to secure a development partner based on a financial, track record and deliverability for what is an extremely good commercial opportunity and has potential of significant positive impact.
“Once the appointment is confirmed, we will work in partnership to deliver the regeneration of Charter Place and surrounding area. We feel that market conditions present us with a fantastic opportunity to work up a scheme to all our successes.”
The existing 300,000 sq ft scheme is owned and managed by the council on a freehold basis.
Watford council is being advised by Brasier Freeth and Lovells.
Interested parties have until 21 July to submit their proposals.
