Norton & Proffitt, a joint venture between St Modwen Properties PLC and Goold Estates Ltd, is poised to start work on the £40 mil first phase of its major Shannons Mill regeneration scheme in Walsall.
This scheme, which was to have been anchored by a factory outlet centre has been reconfigured quickly following positive negotiation with Walsall Council since the outlet centre fell victim to the decline in that market and Boundary Mills opening at Junction 10 M6.
Asda has agreed to take a 118,000 sq ft store trading at two levels, each linked to a dedicated parking floor in a four-storey 1,000 space car park which will also serve the remaining parts of phase one comprising 8 shops fronting on to George Street, and 41 apartments.
Shannons Mill itself will constitute phase two of the regeneration which is likely to be launched to the public early next year. Its 105,000 sq ft of space is anticipated to provide a mixed use development with retail on the George Street frontage and office/residential uses on the upper parts.
Phase three, expected to follow two or three years later, will comprise the Lower Hall Street and Digbeth area which offers the opportunity for a major retail-led development, if all the interested parties can create the necessary impetus for a viable large scale scheme.
Derek West of St Modwen, said: "The start on the first phase will give this end of town a major boost. George Street will becomne a new destination with Asda, specialist shops, restaurants and new apartments. "The £2 million new road scheme and 1,000 space multi-storey car park will make access and parking very good."
Coun.Adrian Andrew, cabinet member for regeneration, said: "It is tremendously exciting that the first phase of Shannon’s Mill scheme is about to start on site as it represents a major element of the ambitious plans to further regenerate Walsall into a thriving and competitive centre.
"Walsall Council has worked positively with Norton & Profitt to develop a new phased approach to these key sites and is looking forward to progressing this partnership into the future phases to ultimately create a distinctive, high quality development."
For further information contact Derek West on 0121 222 9400. Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).