Birmingham Council has signed off the £100m relocation of the Birmingham Wholesale Markets to Prupim’s The Hub development in the city.
The move will open up the 21-acre Wholesale Markets current site, in Digbeth, for redevelopment by the preferred developer, Hines.
It will also lead to the creation of a ‘food destination’, which will include the Wholesale Markets, at The Hub.
The project is estimated to be worth £100m in council documents and is set to be one of the largest markets of its kind in the UK.
The council’s decision, revealed by Property Week (13.02.09) comes after the rival bidder for the relocation, St Modwen with its partner Salhia, chose not to compete in the second round of bidding to develop the markets at its 56 acre Heartlands Park site.
The decision to move in principle was approved at a council executive committee on 11 May.
It now has to give final approval to the preferred bidder, Prupim, to become the development partner, which is expected to be ratified by December 2009.
Prupim will also submit a planning application, sharing costs with the council if the cabinet approves it.