Council formally launches bid to buy Anglia Square

Anglia Square, which is owned by Columbia Threadneedle, is up for sale for £8.5m

A council has begun negotiations to buy a shopping precinct in a major step towards taking the site into public ownership.

Mike Stonard, leader of Norwich City Council, said the authority had formally expressed an interest in acquiring Anglia Square from its current owners, Columbia Threadneedle.

The complex is up for sale for £8.5m.

Developers Weston Homes pulled out of a redevelopment scheme in February despite spending eight years on its plans, which would have included 1,100 homes, shops and leisure space.

The shopping precinct and surrounding office buildings are available for £8.5m

It said the revamp was no longer financially viable.

City Hall has agreed to spend £300,000, taken from reserves, to carry out assessments and put together a business case for buying the complex.

The council’s cabinet agreed to launch a bid to take the site into public ownership at a meeting last month, but it needs to get a commitment of millions of pounds from the new government if any deal is to go ahead, according to the Local Democracy Reporting Service.

Mr Stonard said: “We are looking to buy the site so we can shape the future of Anglia Square in the interests of local people.

“We’ve been really clear that we don’t want to see Anglia Square bought out by land speculators who will either just sit on the land or develop it out in bits.

“We want to create a new Anglia Square featuring truly affordable homes, an eclectic mix of retail and leisure outlets and well-paid jobs for local people.”

The shopping centre is in the north of the city

The council will also need to find a partner prepared to join forces to redevelop the site.

Weston Homes secured permission for the redevelopment of Anglia Square last spring after years of public inquiries and legal battles, but it pulled out saying a decision by the then government to overturn local planning consent and nutrient neutrality rules had pushed up costs.

City Hall said it was hoping to make its final offer to Columbia Threadneedle in the autumn.