Gracechurch Shopping Centreis set to get a multi-million-poundinvestment to help remodel the 250,000square ft site and breathe new life into the centre which was originally built in 1974.
The WMCA has agreed, in principle, to make the investment to help re-energise the town centre in line with the vision set out in the Royal Town Council's masterplan.
It will be the latest in a series of WMCA investmentsfocused on breathing new life into the region’s town and city centres.
Thedecision will now trigger detailed negotiations between the WMCA and the developers, Birmingham Property Group and the London-based SAVGroup, to finalise adeal.
Andy Street, Mayor of the West Midlands, and Chair of the WMCA, said: “It’s wonderful to have good news to share about the well-known Gracechurch Shopping Centre site in Royal Sutton Coldfield.
“I’m so pleased to see that the new owners have exciting plans to breathe new life into the town centre.
“We will continue to work in close collaboration with them to help them realise their vision for Gracechurch - benefitting local people through job creation, leisure options and overall regeneration in the months and years ahead.”
Cllr Ian Courts, leader of Solihull Council, and portfolio holder for housing and regeneration at the WMCA, said: “Our town centres and shopping areas are at the heart of our communities and it’s important that we help them to prosper so they offer the retail, homes and services local people need.
“The WMCA is playing an active role across the region, investing in centres like Sutton Coldfield, to support our local economy as well as providing new homes for our people.”
Anton Nikolaenko, investmentdirector of SAV group, said: “We have been working closely with Frontier andthe WMCA and are grateful for their support of our ambitious proposals in Royal Sutton Coldfield.”
Emilios Tsavellas, development director at SAV Group, added: “The Gracechurch Centre holds enormous potential, and Andy Street has been integral in facilitatingconversations within the WMCA and with other key stakeholders.
“We look forward to continuing our work with the WMCA to ensure that our proposals are delivered and integrated with other plans in Royal Sutton Coldfield and the wider region.”
Cllr Simon Ward, leader of Sutton Coldfield Town Council, said: “It is great to see such a significant vote of confidence in the regeneration of Royal Sutton Coldfield town centre.
“Andy Street has been a strong supporter of our plans since we began this journey six years ago.
“We look forward to working with BPG/SAV to deliver their ambitious and exciting plans, which will boost retail, bring in new and exciting leisure and food offers, and mean The Royal Town becomes a real destination for visitors.”
Access to funding for the project was provided by Frontier Development Capital Ltd, a fund manager working closely with property developers to arrange investments from the WMCA's Commercial Investment Fund (CIF) and Residential Investment fund (RIF).
