6 Comments

  1. The BBC article includes the following:

    “The Broadmarsh redevelopment is a saga that has been going on for about 15 years,” said Nelson Blackley. As a retail research associate at Nottingham Business School, he has observed its decline. “It has been slowly fading away and today it stands a shell, half-demolished.” Work to redevelop the centre stalled during lockdown. He said the city council faced two options – to redevelop the centre as planned, which he believed would cost in the region of £70m, or to demolish what remained and replace it with other facilities or housing. “There’s a dangerous downward spiral that if the Broadmarsh isn’t revitalised in the near future, it could have a damaging effect on retail in the rest of the city. The economic impact on Nottingham is huge,” he said.

    Something is not right – £70m to redevelop the centre as planned does not sound that much; consider a new school costs upwards of £20m, a new leisure centre costs something like £25m. Has Mr Blackley been misquoted or just got his sums wrong?

    Like

    1. Paul – I took these estimates from the INTU 2019 Annual Report published in March which stated that amongst a total of £141 million capital commitments approved by the Intu board over the next two financial years,” there was the necessary funds (£40m in 2020 and £28m in 2021) allocated to deliver ‘project completion’ for Intu Broadmarsh” and so therefore this was the likely additional cost to complete the planned redevelopment.

      Like

  2. Thanks Nelson. If the figures are valid (with an appropriate say 10%) uplift for covid-safe working then the ‘math’ should stack up for completion, restoring Nottingham’s golden retial triangle of Victoria, market square and broadmarsh… with pedestrian access to the tram enabled railway station.

    Like

  3. As the leader of Nottingham City Council highlighted when he spoke to the Nottingham Post yesterday, “A comprehensive development agreement is in place for the project with clear contractual obligations and this is obviously a focus for discussions”
    No doubt the details in these agreements or contracts will direct the immediate next steps taken by both the intu administrators and NCC.

    Liked by 1 person

    1. I think the nature of city centre re-development needs to change ; bring back open spaces
      where we can intermingle,, find interesting places to explore, make it affordable for new start ups to prosper without the burden of excessive rents and give Joe ordinary a chance.
      So the big boys have bottomed out, chancers and short term opportunists.
      Let’s not go back there,

      New times,newrealities, time for a re- assessment of what we want as a our home town.

      Ian

      Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s