Birmingham City Council has issued a compulsory purchase order for the Pallasades Shopping Centre as it continues to assemble the site for its ‘Gateway Scheme’ that will focus around the redevelopment of New Street Station.
Warner Estate Holdings in a statement to the Stock Exchange today confirmed it had received notification from the council yesterday. It said the CPO includes the Pallasades Shopping Centre which is owned by Agora Max - a 50:50 joint venture with Bank of Scotland.
Warner Estate manages the asset on behalf of Agora Max.
The council’s order follows the granting of outline planning permission last July for the redevelopment of New Street Station, the Pallasades Shopping Centre and land to the south of the ‘gateway’ site.
Warner said in its statement: ‘Agora Max and Warner Estate support, in principle, the creation of a high-quality retail offer above New Street Station, but remain concerned that the scheme currently being promoted by the Gateway Consortium is not the most appropriate scheme for the City or for the Pallasades Shopping Centre and that there are a number of important issues which remain unresolved and require further work.
'Warner Estate continues to liaise with Birmingham City Council and other members of the Gateway Consortium.’
Agora Max and Warner have until the 29th August to object to the order and if it does a public inquiry will be held in around six to eight months time. Warner said if this happens the Secretary of State will consider the inspector's report and will announce a decision around six months later.
If the order is confirmed it will be implemented within three years.