The Chamberlain Files | Homepage
Grand Central shopping centre for sale even before it opens

Grand Central shopping centre for sale even before it opens

🕔12.Mar 2015

The Grand Central shopping centre above New Street Station with its flagship John Lewis store is up for sale even before it has opened.

Birmingham city council, which owns the centre, is pressing ahead with plans to put the 450,000 square foot complex on the market as soon as possible.

The council bought the site, which formerly housed the run-down  Pallasades shopping centre, in 2008 in an effort to speed up development of the New Street Gateway project.

It’s likely that the new owner or owners will be financial institutions or pension funds who will see Grand Central with its high-end shops and restaurants as a safe and profitable long term investment.

The council began marketing Grand Central in September 2012 and had little difficulty in finding tenants keen to be neighbours of John Lewis and to cash in on the huge annual footfall from passengers using New Street Station.

Grand Central is set to open in September 2015. So far almost 90 per cent of the new shops, restaurants and cafes including a 250,000sq ft John Lewis store, have already been let.

The remaining 200,000sq ft within Grand Central will provide retail space for a further 60 premium fashion and lifestyle shops, and more than 20 new cafes and restaurants.

Council Leader Sir Albert Bore said: “The Grand Central development has made excellent progress and I am delighted that it is on course to open to shoppers in September, along with the redeveloped New Street Station. I am also pleased that the majority of units at Grand Central have already been filled, with a strong likelihood that the centre will be fully let when it opens.

“It was always our intention to sell Grand Central once completed, so the time has now come for us to set the ball rolling to find the right buyer for this premium shopping destination, which will be a great asset for whoever acquires it.

“This is an incredibly exciting year for Birmingham, with Grand Central just one of a number of redevelopment projects coming to fruition, which in turn will create more job opportunities and attract greater investment to our city.”

Similar Articles

A week? A day is a long time in politics

A week? A day is a long time in politics 0

From City of Culture to the Commonwealth Games (with “sufficient progress” in the Brexit negotiations

Council CEO: Baxendale for Birmingham

Council CEO: Baxendale for Birmingham 3

Dawn Baxendale, currently chief executive of Southampton City Council, will be appointed as chief executive

An Optimism of Mayors

An Optimism of Mayors 0

What is the collective noun for Mayors, you might be wondering? OK, you probably weren't.

Commonwealth Games finishing line extended…again

Commonwealth Games finishing line extended…again 0

If the race to host the Commonwealth Games was itself a sporting event, one team

Shard Summit brings together UK/US metro mayors

Shard Summit brings together UK/US metro mayors 0

Seven months after taking office, England’s new metro mayors will come together next week with

About Author

Chamberlain Files Weekly

Don't miss a thing! Sign up for our free weekly summary of the Chamberlain Files from RJF Public Affairs.
* = required field

powered by MailChimp!

Our latest tweets

Published by

Published by


Our community