The start of work on the eagerly awaited £12 million retail and leisure development at St. Matthew’s Quarter, Walsall, has moved a step closer with the developer acquiring the crucial final parts of the site from Walsall Council.
Norton and Proffitt Developments, a joint venture between St. Modwen – the UK’s leading regeneration specialist – and Goold Estates Ltd, has brought in key areas of land and buildings within the site from the local authority.
The multi-million pound scheme promises to transform this area of the high street, and complements the ongoing extensive regeneration of the town centre.
The joint venture partners purchased the sites for just £1 in a deal that means the local authority will receive a share of the profits generated by the completed scheme.
Demolition of the derelict car park in Lower Hall Lane, 42-44 High Street, the Cooltrader building and other units in Digbeth and Lower Hall Lane is due in the summer in order to make way for the new 11-unit retail and leisure scheme, with planning consent having been secured in May last year.
Poundland and B&M are the first two retailers to sign up to the development, which is part of Norton & Profitt’s wider £90 million regeneration of St Matthew’s Quarter, and will create 90,000 sq ft of new retail and leisure amenities in Walsall’s town centre.
Mark Watkins, senior development surveyor at St. Modwen, said: “This land transfer allows us to begin our redevelopment of shops, restaurants and leisure facilities in St. Matthew’s Quarter.
“We already own the long leasehold for 42-44 High Street and we’ve now agreed a surrender of the Cooltrader lease from the retailer, meaning that work on the site will soon be able to begin.
“The lettings to Poundland and B&M are a brilliant start and we have been encouraged by the interest from other retailers, as well as leisure and restaurant operators.”
Dominic Goold, of Goold Estates, added: “Now that the site is fully assembled, we can push ahead with the transformation of this area of Walsall.”
Councillor Adrian Andrew, deputy leader at Walsall Council, said: “We’re delighted to have played a major role in facilitating the development by making the council’s land available and look forward to seeing work start on site very shortly.
“It’s another shot in the arm for the ongoing regeneration of the town centre and will help create job opportunities and boost trade in Walsall. Having been involved in this for a number of years, it is great to see it finally starting and the next piece of the jigsaw of rejuvenating our town falling into place.
“We’re just weeks away from seeing Primark open its doors to begin trading in the town and this scheme in the St Matthew’s Quarter will no doubt improve the retail offer for local shoppers and attract further investment in Walsall.”