Birmingham City Council is pressing ahead with plans to put the Grand Central shopping complex on the market as the landmark development nears completion.
Grand Central, which sits above New Street Station, is set to open in September 2015. So far almost 90 per cent of the new shops, restaurants and cafes including a flagship 250,000sq ft John Lewis store, have already been let. The remaining 200,000sq ft within Grand Central will provide retail space for a further 60 premium fashion and lifestyle shops, and more than 20 new cafes and restaurants.
Birmingham City Council acquired the former Pallasades shopping centre in 2008 in order to facilitate the New Street Gateway project, which included building the Grand Central complex and the refurbishment of New Street Station. The intention was for the council to then sell the new shopping centre once the project was completed.
Cabinet is now being asked to approve plans to progress this sale at its meeting on Monday, March 16.
Council Leader Sir Albert Bore said: “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.
“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.
“This is an incredibly exciting year for Birmingham, with Grand Central just one of a number of redevelopment projects coming to fruition, which in turn will create more job opportunities and attract greater investment to our city.”