A £275m redevelopment is agreed by Stoke-on-Trent City Council
Published: 08 January, 2010
Procurement work on a £275m shopping centre in Stoke-on-Trent is due to begin after a development agreement was signed at the end of last year.
Developer Realis Estates signed the contract with Stoke-on-Trent City Council shortly before Christmas, paving the way for the regeneration of the existing 1960s East West Centre in Stoke-on-Trent City Centre to move forward during 2010.
Under the terms of the agreement, Realis Estates will now take forward the development of up to 685,000 sq ft of shops and restaurants, a multiplex cinema and other leisure facilities. A joint venture between Realis Estates and the North Staffordshire Regeneration Partnership has also been established to build a modern bus station alongside the centre. It is hoped that the redeveloped East West Centre will revitalise Stoke-on-Trent and draw shoppers back from cities such as Manchester and Birmingham.
Realis Estates, which has already invested £30m in the scheme, will now work together with Stoke-on-Trent City Council to assemble all the land needed for the shopping centre. This is likely to include the use of compulsory purchase orders. The developer will also seek detailed planning permission and continue to identify potential tenants. Realis Estates anticipates the redeveloped centre will open in late 2014.
Managing director of Realis Estates, Duncan Mathieson, said: “This is another important step forward in the regeneration of Stoke-on-Trent City Centre. The signing of the development agreement reiterates our commitment to the project, which will create thousands of new jobs and bring much-needed investment to the area.
“2010 will be an exciting year as we press ahead with our plans and look forward to maintaining our partnership with the City Council. Getting the bus station built first will help get the project moving and create the confidence needed in the future of Stoke-on-Trent.”