The sale of the Gracechurch Shopping Centre represents a ‘huge opportunity’ to unlock new investment in Sutton Coldfield’s town centre, says West Midlands Mayor Andy Street.
Mr Street was backed by the Royal Town’s MP Andrew Mitchell and Town Council leader and chairman of the Town Centre Regeneration Partnership Simon Ward after he welcomed the sale of the shopping centre to BGP and SAV Group.
Mr Street, who leads the West Midlands Combined Authority and helped win £25million of Government transport funding to kickstart the regeneration of Sutton, said the Gracechurch deal represented a ‘vote of confidence’ in the town.
He said: “The sale of the Gracechurch Shopping Centre proves that major companies want to invest in Sutton Coldfield and is a vote of confidence in the Royal Town.
“Sutton Coldfield town centre is the second biggest shopping destination in Birmingham, and there is already a robust Masterplan in place to reshape it for the coming decades, which was drawn up by the Town Council.
“I think that the Gracechurch, which occupies the majority of the town centre, is key to the success of that Masterplan, so we must look at its sale to new owners as a huge opportunity to get things moving and unlock even more investment.
“I’m excited to see what BGP and SAV Groupdo with shopping centre, because it has so much potential,” added Mr Street, who was MD of retailer John Lewis before becoming the region’s Mayor.
BGP and SAV Group have announced that contracts have now been exchanged on the sale of the centre, which offers approximately 1,000,000 square feet of gross internal area in one of the UK’s most affluent communities.
In statement, the developers said: “It was an absolute pleasure to meet with the Mayor of the West Midlands, Andy Street and the Right Hon Andrew Mitchell MP to discuss our shared ideas and vision for the redevelopment of the Gracechurch Shopping Centre in Roya Sutton Coldfield.
“Over the coming months, we will be working with the relevant stakeholders to bring forward formal proposals for the site.
“Alongside our partner BPG, we intend to deliver a mixed use scheme, transforming the centre into a sustainable hub of activity with residential, retail leisure, commercial and other supporting land uses. We cannot wait!”
Sutton Coldfield MP Andrew Mitchell said: “Sutton Coldfield residents care a great deal about their town centre and will be hoping that BGP and SAV Group will bring new investment and a clear strategy that will revitalise the Gracechurch.
“We have massive investment confirmed which will create a new transport gateway to welcome visitors to the town centre, an excellence Masterplan that sets out a clear vision going forward, and residents, businesses and retailers who are determined to see the town flourish.
“In many ways, the sale of the Gracechurch could be seen as the final piece in the jigsaw that will create the momentum needed to make real progress.”