Bromsgrove District Council has appointed Opus Land to transform its 1.78-acre Market Hall site into a high quality leisure and retail area with an end value of approximately £13 million.
A detailed planning application is set to be submitted in January and will include a five screen cinema as well as high quality retail and restaurant units, covering 53,000 sq ft.
Part of the development will incorporate improvements to the historic Spadesbourne Brook, which will both open it up and redirect it, to create a feature around the site boundary.
Discussions are well advanced with a lead tenant and the site is scheduled for completion by Spring 2014.
Gareth Williams, Development Director at Opus Land, which is backed and part-owned by Palmer Capital, said: “We are delighted to have been appointed as the preferred developer by Bromsgrove District Council.
“This is a sensitive site offering huge potential in the town centre. We intend to develop a scheme that will enhance both retail and leisure provision by creating something of quality which is befitting of this historic market town.”
The Market Hall was demolished in 2009 and replaced with a temporary car park, which as well as providing income, provided a more deliverable development prospect.
It has since been marketed locally, regionally and nationally by commercial property consultants GJSDillon, based in the town.
Leader of the Council Roger Hollingworth said: “This marks a massive step in the right direction for our plans to create a better Bromsgrove.
“While demolishing the market hall caused controversy, I hope everyone can now see the bigger picture.
“Not only will new retail and leisure development be a much needed facility in Bromsgrove, the rest of the district will benefit from this investment and the jobs it will create.”