Nottingham City Council has approved a sale of the Broad Marsh site to a buyer with a track record of major development. It is hoped the sale will create 1000+ new homes and up to 20,000 square metres of retail, office and community spaces...
Nottingham City Council has today (Tuesday 18 March) approved a sale of the Broad Marsh site.
The authority’s Executive Board has agreed to sell the land to a proposed buyer with a considerable track record of major development, which will now take on this key city-centre location.
The deal has been subject to thorough due diligence to meet the best-value duty of the council. Due to commercial sensitivities, the proposed buyer will be announced once the deal has been finalised.
The sale will provide a significant capital receipt for the council and help accelerate ambitious plans for the area, which include:
- More than 1,000 homes
- Up to 20,000 square metres of retail, office and community spaces
- Creation of around 2,000 full-time jobs
The land included in the sale comprises the former Broad Marsh shopping centre, the cleared site to the west of the Green Heart, the NCP multi-storey car park, Severns House and the former college site on Maid Marian Way.
The council took back control of the wider site in July 2020 following the sudden collapse of the Intu group of companies. Over the past four-and-a-half years, the authority has:
- Put full site management in place
- Carried out grant-funded demolition of part of the former shopping centre
- Assisted with a new Nottingham College hub and repurposed Sussex Street with seating, basketball and skating areas
- Consulted with the public and partners to establish what people wanted to see in this space
- Implemented major road network changes, including the pedestrianisation of Collin Street
- Opened new Central Library, Broad Marsh bus station and car park, new play area on Collin Street and Green Heart
- Worked to secure a £3.4m grant from the East Midlands Combined County Authority (EMCCA) to allow further demolition of the old shopping centre frame
- Worked with the NHS on new Community Diagnostic Centre at foot of Lister Gate
It is widely recognised that the Broad Marsh site is one of the largest and most important city-centre development opportunities in the UK at present, but the council was aware that it would not be able to deliver its redevelopment alone.
Councillor Neghat Khan, Leader of Nottingham City Council, said: “This is really positive news for Nottingham and marks the start of a major redevelopment for this key part of our city. We know that people have wanted to see progress here for a long time and we understand that it has been a frustration for some that this hasn’t happened."
“However, it’s important to be clear just how much work has been undertaken by the council since the site was suddenly handed back to us in 2020 – in the middle of a global pandemic – when Intu went into administration."
“We developed the Green Heart as a direct result of feedback from residents and businesses, who shared what they wanted to see here. We now have a fantastic new green space, right in the heart of the city. The council has also successfully applied for grants to facilitate the demolition of the former shopping centre frame to prepare the ground for development. We’re excited by the plans that the proposed buyers have and we look forward to working closely with them on bringing these to fruition.”
EMCCA recently confirmed it was investing £3.4m to fund demolition of part of the frame on the land near to the Green Heart. The Mayor of the East Midlands, Claire Ward, said: “It is great news that the Broad Marsh is to be sold for redevelopment. It is a key regeneration site in the East Midlands and this sale will help make the plans for the site come to life.
“Myself and the Combined Authority are really keen to partner and support wherever we can, and we want to work with the new owners as they transform the area.
“The opening of the Green Heart and the pedestrianised area along Collin Street have both been recent positive steps forward for Broad Marsh and this sale shows the further ambition and intent to really invest and transform that part of the city.”
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