Over the last few years one of our ambitions has been to redevelop the south side of the city and last week at a meeting of the Executive Board we agreed the next step in our plans as the new Broadmarsh car park and bus station was given final approval.
This is a major milestone for the project and we expect work to get underway soon. The plans for the area include new public spaces on a pedestrianised Collin Street and will complement Intu’s planned refurbishment of the Broadmarsh shopping centre.
The works are effectively self-financing, as we are able to borrow money which we can then pay back using income generated from the car park, bus station and other associated activity. We also have received a grant from government and from the Local Enterprise Partnership which supplements the amount of money we’re able to borrow.
In total, developments in the wider Broadmarsh area – the car park, bus station, shopping centre, college and castle – represent a £250m investment, and are expected to create 3,000 jobs. The car park development alone is forecast to create more than 100 jobs and generate almost £3m a year for the Nottingham economy and will provide a bright, safe and clean environment, offering:
- A 1,341 space car park with dedicated accessible spaces, parent and child spaces, electric car charging spaces and a taxi drop-off zone
- A modern bus station, delivering an improved passenger experience, better connected to the transport hub at Nottingham train station
- Retail units in Carrington Street, Collin Street and along the concourse area fronting onto the bus station
This, as an investment, is important to revitalising the southern part of the city centre. It is already bringing investment, and we can see that people are looking at buying up and developing sites around this part of the city as a result of the public investment we are putting in.