Land Securities is backing a new private and public sector city centre management company in Cardiff. The property company’s decision follows appeals from the Urban and Economic Development Group earlier this year, which urged retailers and landlords to fund town centre improvements.
Cardiff council and the city’s Chamber of Commerce have set up a body to run the management of the city centre. Retailers and landlords across the city have been asked to participate.
URBED urged the private sector to get involved voluntarily but suggested that mandatory funding could become necessary to maintain and improve city centres in the UK.
According to Keith Redshaw, director at Land Secs, the scheme will run along the lines of the Broadmead Board in Bristol, where Bristol City Council and LandSecs are among the members.
LandSecs is also involved in a similar scheme in Coventry where it also has significant property holdings, including The Precinct shopping scheme in the city centre. A management company set up by LandSecs and Prudential with the local authority will manage Coventry city centre from next month.
- EGi News 09/06/97
