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Grosvenor Shopping Centre
arts, creative, display and gallery space as well as a cafe and restaurant, but has the potential to “anchor” the building as well as Grosvenor Shopping Centre.
Frasers - CBRE can broker this discussion and it could work well subject to appropriate commercial terms being agreed. This would work well as a proposition and would require minimal intervention to the building. Such an offer may require the council to take a view in respect of viability and to consider becoming involved in any deal to assist in bringing the right occupier into the building.
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The Council could seek to take a more active role within the asset. Direct intervention, such as through facilitating occupation of the building or underwriting space, could enable a range of uses to be accommodated within the premises and accelerate its regeneration.
Grosvenor Shopping Centre was placed into receivership in 2020 and it is understood that the Shopping Centre will be sold in due course.
In the intervening period vacant spaces within the Shopping Centre, could be re-appropriated as meanwhile spaces. The Shopping centre benefits from large covered areas and acts as a thoroughfare between different parts of the city. As such, whilst not fully occupied, it does benefit from good footfall.
In the longer term, opportunities should be considered for the sustainable reuse of the shopping centre. The facility benefits from large areas of space and it is understood that the site is relatively unconstrained from a heritage and archaeology perspective.
The Council should work with the receivers to prepare a briefing note on the potential longer-term development opportunities associated with the site. This could include residential development (various tenures), student residential or leisure development. As the determining authority, the Council has the opportunity to lead on this exercise and to encourage new thinking in respect of the site’s future.
In the event that this cannot be achieved, more traditional opportunities could be considered to capitalise upon emerging sectors (as outlined within Point 6 of the Retail and High Street Slide)