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Urban & Civic have signed the official development agreement with City of Wolverhampton Council for 6.4 acres of land at the heart of the city to deliver the £55 million leisure-led Westside scheme.
It encompasses land between Penn Road Island and Salop Street, including the current School Street and Peel Street car parks and the area around Market Square. The market will relocate from Market Square to a new location at Southside fronting Cleveland Street.
Construction on the first phase of the scheme is on track to start in early 2018 and is expected to be complete by early 2020.
Heantun House and the city’s former Indoor Market was demolished earlier this year to make way for the development which will deliver a multiplex cinema, 50,000 square feet of additional leisure space, new restaurants covering 40,000 square feet, a 100-plus bed hotel and a multi-storey car park all lined up for phase one.
Phase two will deliver more than 300 new city centre homes and 50,000 square feet of retail and leisure space.
Phase two incorporates parts of land between Salop Street and Darlington Street, including the Fold Street car park. Works on this section of the development are likely to be completed in 2022.
It is hoped the move of the new city centre market from Market Square to Southside, fronting Cleveland Street will benefit from a boost in footfall from its proximity to the Wulfrun Centre, bus and rail stations and the student catchment area. The former Netto store and adjoining buildings were cleared from the Southside site last year, paving the way for the move, which will see 48 tented stalls and 16 purpose built cabins transferred from Market Square in phases. It is anticipated the move, funded by the sale of Market Square as part of the Westside scheme, will be completed in winter 2017 to 2018 - avoiding during the Christmas trade period.