Nottingham City Council's interim chief executive says the intu Broadmarsh redevelopment 'remains a strong commitment' - despite work on the site being suspended.
Retail giant intu was already facing significant financial difficulties before the coronavirus crisis, reporting losses of £2 billion, and warned it would likely default on some debts if lenders were not able to give them more flexibility.
On Thursday, May 21, intu said it is ‘taking stock’ and ‘reviewing the next step’ for the Broadmarsh project.
Sir Robert McAlpine, the developers hired by intu, say they are awaiting instructions from the client on whether to restart.
Katherine Kerswell took up the role as interim chief executive on Friday, May 1, during the height of the coronavirus pandemic.
While only in the position until September, Mrs Kerswell is overseeing Nottingham's recovery from the deadly virus and how the city can move forward economically and socially in the coming months.
Speaking about the Broadmarsh situation, Mrs Kerswell told Nottinghamshire Live: "It remains a very important ambition for the council and we're very mindful of what is happening nationally in the economy.
"We want to work as closely as possible with intu to make sure of what we set out to achieve in the best possible way.
"It remains a strong commitment of ours."
The intu Broadmarsh development and the city council funded Broadmarsh Bus Station, Car Park and Library, which is still under construction, were set to be the centrepieces of a £2 billion redevelopment of the south side of the city, from the city centre down to The Meadows.
Rather than purely having a focus on retail - as had largely been the case with the Broadmarsh Shopping Centre previously - it is hoped the new centre will include more leisure options, including bowling, more eateries and a multi-screen cinema.
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But while work has been halted at the shopping centre, construction continues around it, including on the bus station complex the new HMRC offices and a large student block opposite the railway station.
Nottingham City Council Leader, David Mellen, previously said: “We’re in a pause situation with Broadmarsh centre, but we’re also bearing in mind the fact that the company intu is in some difficulties.
“We are in negotiations with them, looking at our own position in terms of contracts we’ve signed and being aware that not everything we planned can continue in the way we planned it."
