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Shopping centre site handed back to council unfinished following liquidation of redevelopment partnership

Nottingham City Council has been handed back control of the half-finished Broadmarsh shopping centre site after the collapse of retail landlord Intu into administration prompted the council’s joint venture with the company to be liquidated.

The partnership, Broadmarsh Retail Limited, had been redeveloping the Broadmarsh Centre in central Nottingham when the coronavirus halted work. The liquidation was announced by The Insolvency Service which said that the partners of the Broadmarsh Retail Limited Partnership petitioned to wind the partnership up on 3 July 2020.

It added: "The effect of this notice is to hand control of the site back Nottingham City Council as freeholder."

The city council has reportedly put £17m into the project.

City Council Leader, Cllr David Mellen, said: “The decision to disclaim the lease for the Broadmarsh centre to the council as owners of the freehold is a hugely significant step for the city.

“It means the council now has greater opportunity to start to develop a new, sustainable plan for its future.

“To see a major redevelopment that had been making good progress stall because of the coronavirus pandemic and intu’s administration was a major blow.

“Broadmarsh is an extremely important site right at the heart of the city centre. It’s vital that we maximise its potential as part of the wider regeneration taking place in the city, bringing investment, creating jobs and improving the quality of life for local people.

“The withdrawal of intu from the site presents a financial challenge for the City Council at a time when our budget is under immense pressure. Equally this is a great opportunity to look again at the plans for this key site taking into account different ideas. We won’t be able to do this by ourselves and we will need to work in partnership.

“It’s good that the conversation about the future of Broadmarsh has already started in the city and we want that to continue.  

“Our first priority now will be to ensure that the right of way through the centre is reopened safely as quickly as possible.”

Adam Carey

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