Norwich City Council has acquired Anglia Square Shopping Centre in Norwich from Columbia Threadneedle Investments for an undisclosed price.
In June, Columbia Threadneedle Investments put the site on the market with a price tag of £8.5m+.
The funding for the purchase of the centre was provided by Homes England and the council has submitted a bid for further grant funding from the government body to enable the demolition and infrastructure required to take forward a redevelopment of the site.
The site became available following Weston Homes’ decision earlier this year to abandon its development plans, despite having secured planning approval from the council.
The council intends to transform Anglia Square into a vibrant, modern hub providing around 1,100 homes, retail, office and leisure space, landscaped gardens, a new neighbourhood centre and enhanced public realm.
Mike Stonard, leader of Norwich City Council, said: “The council has grasped this golden opportunity on behalf of the people of Norwich to bring a bright new future to Anglia Square and ensure it’s developed as quickly as possible to benefit the people of Norwich. We are now in the driving seat to create a new Anglia Square with affordable homes, diverse retail and leisure outlets, a new neighbourhood centre, and well-paid jobs for local people.”
Pauline Schaffer, director of infrastructure funding at Homes England, added: “Anglia Square is an example of Norwich City Council’s ambition to revitalise the city centre and repurpose brownfield land into new homes for the local community. This key regeneration area for Norwich, has the potential to have a huge transformational impact on the city.
“We have worked closely with the council to support the successful acquisition; this shows how investment from Homes England is helping to unlock new homes and thriving places people can be proud of.”
Knight Frank advised Columbia Threadneedle Investments on the sale.
