Fresh from its sale of the NEC Group to LDC in January in a £307m deal, Birmingham’s Labour Council has put the new Grand Central shopping centre at New Street on the market a full six months before it is set to open to the public.
Birmingham City Council leader Sir Albert Bore announced the sale at the international MIPIM development conference in Cannes.
The new shopping centre includes the flagship John Lewis department store and 68 shops and restaurants – with 44 already let.
The city council bought the old Pallasades Shopping Centre in 2008 under a compulsory purchase order to smooth the way for the £600m New Street Station Gateway development.
Grand Central will be the second major council asset sold this year as the council struggles to balance its books. Large debts remain due to equal pay claims that have built up.
The council leader said: “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.”
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