The redeveloped Broadmarsh shopping centre will now open two years later than was first planned by owners intu, a company update reveals.
The company has planning permission to transform the centre in a £89 million overhaul which will open up its dated facade and anchor the transformation of the south side of Nottingham city centre.
In a planning summary, a document submitted with the application, intu said construction should start in 2016 and the ‘reimagined’ centre would fully open in 2018.
However the company’s report for the first half of 2017 indicated no money will be committed to the project until next year, with the £89million spending on the build stretching into 2020.
The report states: “We would expect to have the required level of pre-lets and completed detailed design to enable us to commit to this by the end of the year.”
The council owns a third of the shopping centre, with the rest controlled by intu, although the company leads the commercial retail side of the centre.
Intu’s share price dropped by 3.76 per cent to 267.80p after the update, which said like-for-like net rental income for the first-half fell 1.5 percent, while full-year income is expected to be largely unchanged.
Development director for intu Martin Breeden said: “The original planning application had an indicative timeframe included; however bringing to life a project of this scale brings with it a number of complicated factors.
“We’ve been working hard behind the scenes to deliver a centre our customers want, including signing up The Light Cinema, redesigning the leisure space to accommodate them and other leisure attractions, relocate a number of retailers including working with Wilko on their new store format which is in the process of being delivered, and progressing discussions with other brands interested in joining the new redeveloped centre.
“We’ve also been working closely with the city council ensuring the scheme aligns with their vision for the rest of the city, and their development of the Broadmarsh car park.
“Preparatory works for the redevelopment of intu Broadmarsh are well underway, and we look forward to awarding the main contract later this year, with a phased delivery for completion early 2020.”
Nottingham City Council has also approved its own plans to demolish the Broadmarsh car park and bus station, which it owns entirely.
The new car park and shopping centre combined are seen as key to the economic development of what the authority calls Nottingham’s ‘Southern Gateway’.
Demolition is expected to start by the end of the year and a new planning application for a re-built bus station and car park is expected in the next few months.
Notts TV has also contacted Nottingham City Council for further comment.
