The UK city of Birmingham has put the Grand Central shopping complex on the market, six months ahead of its scheduled opening in September.
The UK city of Birmingham has put the Grand Central shopping complex on the market, six months ahead of its scheduled opening in September.
Birmingham city council leader Sir Albert Bore announced the move at the MIPIM fair in Cannes on Wednesday. The plan is set to be approved by the UK government next week.
Grand Central is a 46,400 m2 redevelopment of the former Pallasades shopping centre and forms part of the €848 mln revamp of New Street Station. The shopping centre is anchored by a 23,000 m2 John Lewis store and will house a further 60 retail units and 20 cafes and restaurants. So far almost 90% of the space has been let.
The city council purchased the former Pallasades shopping centre in 2008 in order to facilitate the New Street Gateway project, which included building the Grand Central complex and refurbishing New Street Station.
‘It was always our intention to sell Grand Central once completed, so the time has now come for us to set the ball rolling to find the right buyer for this premium shopping destination, which will be a great asset for whoever acquires it,’ Bore said.
He added: ‘The Grand Central development has made excellent progress and I am delighted that it is on course to open to shoppers in September, along with the redeveloped New Street Station. I am also pleased that the majority of units at Grand Central have already been filled, with a strong likelihood that the centre will be fully let when it opens.’
