Development agreement - East West Centre, Stoke-on-Trent
Forsters acts on £275m shopping centre development for Realis Estates
Realis Estates signs development agreement with Stoke-on-Trent City Council
Forsters has achieved a milestone for its longstanding client Realis Estates with the negotiation and signature of a development agreement paving the way for the regeneration of the existing 1960's East West Centre in Stoke-on-Trent. Under the terms of the agreement, Realis will now take forward the development of up to 685,000 sq ft (63,700 sq m) of shops and restaurants, a multiplex cinema and other leisure facilities.
Realis and the North Staffordshire Regeneration Partnership have also established a joint venture arragement to build a modern bus station alongside the shopping centre.
Realis and the Council will now work together to assemble the land needed for the shopping centre. This is likely to include the use of compulsory purchase orders. Realis will also seek detailed planning permission and continue to identify potential tenants. Realis anticipates the redeveloped centre will open in late 2014.
Forsters' Real Estate partner, Smita Edwards, has been working with Realis on matters relating to this supported by a cross-disciplinary team comprising Chris Ogle and Stephanie Baker (Real Estate), Tim Taylor (Planning) and Sarah Cook (Construction) . The team will continue to work with the developer as the scheme progresses towards completion.
Duncan Mathieson, Managing Director of Realis Estates, said:
"Smita Edwards and her team at Forsters have had a vital role to play in achieving signature of the development agreement. This is another important step forward in the regeneration of Stoke-on-Trent city centre. The signing of the development agreement reiterates our commitment to the project, which will create thousands of new jobs and bring much-needed investment to the area. "