Two local councils in Staffordshire are joining forces to buy a potential commercial property site, located slap bang in the centre of Newcastle-Under-Lyme. Newcastle Borough and Staffordshire County Council have clubbed together to invest in the site of the former Sainsbury’s supermarket, with the view of transforming it into a new commercial property venue.
Newcastle-Under-Lyme councilor, Nigel Jones, said: ‘We are taking a small risk. But we cannot have gain without risk and this is an investment for the future … It has enormous potential to provide the town centre with a boost.’
The idea was backed by Newcastle Borough council, three months ago and the councils have moved quickly to hammer out a deal with Sainsbury’s.
It is hoped the £60 million commercial property development plan will breathe new life into Newcastle-Under-Lyme town centre and the council believe the project will bring as many as 700 new jobs to the area.
Andrew Rosser, president of Newcastle Chamber of Trade and Enterprise, said: ‘This should be great for the town centre. Purpose-built units will attract more retailers into Newcastle.’
Staffordshire County Council’s cabinet member for economic growth and enterprise Ben Adams added: ‘This development project should attract major retailers and transform Newcastle town centre, improving its vitality and ensuring that it has a healthy future.’
‘Our town center’s can all be thriving hubs with major retailers and office developments that attract further investors and shoppers. Letting them stagnate is not an option. I am sure this site in Newcastle-under-Lyme is going to be very attractive to developers.’
It appears that everyone is happy with the proposed development, Newcastle Borough and Staffordshire County councillors appear excited by the proposal and Simon Heeler, Sainsbury’s portfolio asset manager for property investments, said: ‘We are delighted that the deal is progressing well and that the community, as well as the economy, will benefit greatly from this forthcoming transaction.’
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